WTW to acquire cutting-edge UK fintech pensions and savings provider, Cushon

LONDON, Dec. 10, 2025 (GLOBE NEWSWIRE) -- WTW (NASDAQ:WTW), a leading global advisory, broking and solutions company, and Cushon, a workplace pensions, savings and financial wellbeing company, 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.

Julie Gebauer, WTW President of Health, Wealth & Career, said:

"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.”

Ben Pollard, Founder and CEO, Cushon, said:

“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 partnership 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.”

Paul Thwaite, Group Chief Executive Officer, NatWest Group, said:

“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.” 

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 capitalize 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.

Notes to editors

*

Advisors

Ardea Partners served as financial advisor, DLA Piper served as legal advisor, and PwC and Alpha FMC served as due diligence advisors to WTW.

Lazard served as financial advisor, CMS served as legal advisor, and KPMG served as due diligence advisor to NatWest.

Lincoln International served as financial advisor and Travers Smith served as Legal advisor to the Cushon management team.

Media contacts

WTW

Jamie Kilduff

+44 (0)7944 573767

NatWest Group

Amanda Glover / Seema Hakim

07974 887892 / 07483 574484

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About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com.

About Cushon

Cushon (trading as NatWest Cushon) is a fintech dedicated to helping people build a better financial future through smart, engaging technology.

Cushon provides pension and savings products through an intuitive mobile app that delivers a personalised experience, making it simple for customers to manage their money and invest in line with their goals and values.

Integrating seamlessly with payroll and benefits platforms, Cushon delivers its products through the workplace to reach as many savers as possible. Nearly 20,000 employers and 730,000 savers currently use Cushon, with nearly £4bn assets under management. By offering a straightforward way to save into pensions, ISAs and other products directly from pay, Cushon helps employers enhance the financial wellbeing of their workforce.

For more information, please visit cushon.co.uk.

About NatWest

NatWest Group is a UK-focussed bank, serving over 20 million customers, with businesses across retail, commercial and private banking markets.

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