WTW to acquire cutting-edge UK fintech pensions and savings provider, Cushon
London, 10 December 2025
WTW, a global advisory and brokerage company, and Cushon, a workplace pensions, savings and financial wellbeing fintech, are pleased to announce an agreement that sees WTW’s UK business acquire Cushon from NatWest Group.
The deal adds new capability and bolsters WTW's position in the UK defined contribution (DC) master trust space, enhancing its capabilities and unlocking new growth opportunities in UK mid-size workplace pensions and savings.
Cushon adds almost £4 billion in assets under management and 730,000 members to WTW’s portfolio. LifeSight, WTW’s defined contribution master trust, has over £26bn in assets under management and 430,000 members.
Master trusts are the fastest growing segment in the UK defined contribution space. The industry grew by around 35% in 2024* and is anticipated to average around 18% growth per year, over the next decade*.
The agreement includes a referral arrangement enabling NatWest’s commercial banking customers to continue to have seamless access to Cushon’s workplace pensions and savings services for their employees.
The acquisition underlines our commitment to transform tomorrows for millions of UK savers. Adding Cushon to our portfolio will enable us to serve all segments of the rapidly growing master trust space, with LifeSight continuing to focus on large companies and Cushon enabling growth in the mid-market. Cushon has built a groundbreaking technology-led solution that is highly scalable and has enjoyed great success. We’re delighted to welcome the Cushon team to WTW and excited by the capabilities they bring us for further innovation in workplace pensions and savings. This acquisition opens possibilities to help a wider range of clients and support their members improve their financial futures.
Julie Gebauer, WTW President of Health, Wealth & Career
We are thrilled to be joining WTW and excited for the next chapter in our journey. We can now focus even more intensely on what we do best which is delivering innovative solutions that help millions of people save for a feel-good future.
Our proposition has created strong demand among NatWest’s corporate clients which we will continue to serve through our ongoing referral agreement with NatWest.
We look forward to continuing to work closely with them into the future.
With our leading-edge market propositions, WTW’s strong capabilities, and NatWest’s enviable distribution, all the ingredients are in place to accelerate our next phase of growth.
Ben Pollard, Founder and CEO, Cushon
Since acquiring a majority stake in Cushon, we have worked together to grow the business by bringing more innovative products to more customers. Going forward, I am pleased that we will continue to offer access to Cushon’s services on a referral basis, especially given the ongoing demand for pensions solutions amongst SMEs and Commercial Mid-Market firms.
With positive momentum across NatWest Group, this transaction is clearly aligned to our strategic priorities, as we focus on delivering disciplined growth across our three customer businesses, whilst simplifying our bank and actively managing our balance sheet to deliver attractive returns.
Given the broader changes within the pensions market, and the increasing importance of scale, both NatWest Group and Cushon believe the next phase of the firm’s journey will be most effectively achieved under the ownership of a larger, more established player in this space.
Paul Thwaite, Group Chief Executive Officer, NatWest Group
The deal highlights the ongoing trend towards providers seeking to achieve greater scale and efficiency, enabling them to better serve customers and generate higher returns for savers. As the DC industry continues to evolve, WTW's enhanced presence and capability is likely to set a new standard for master trust providers.
Together with Cushon, WTW is poised to capitalise on the growing demand for workplace savings, using its increased scale to enhance its offerings and member experience, further drive innovation and increase its competitive edge in the market.
The acquisition is subject to regulatory approval and is expected to close in the first half of 2026.
Article by
NatWest Cushon
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