WTW has announced the completion of its acquisition of fintech workplace pensions and savings provider Cushon for an undisclosed amount, following regulatory approval from the Financial Conduct Authority (FCA).

The deal was first announced in December 2025, when NatWest Group confirmed it had agreed to sell its 85 per cent stake in Cushon to WTW as part of a wider transaction to give WTW full ownership of the business.

The remaining 15 per cent stake, previously held by Cushon’s management team, has also been acquired by WTW.

Following the acquisition, WTW has added the Cushon Master Trust to its existing LifeSight master trust. This takes its total master trust assets under management to more than £30bn, serving approximately 1.2 million members.

WTW said that Cushon will “complement” LifeSight and expand WTW’s reach across all market segments. It confirmed that LifeSight will continue to focus on large companies while Cushon will enable growth in the middle market.

In addition, a referral agreement with NatWest Group remains in place, ensuring Cushon continues to provide NatWest’s corporate clients with seamless access to its workplace pension solutions.

“The acquisition reflects ongoing evolution in the defined contribution (DC) market, as providers seek greater scale, efficiency and investment capability to enhance member outcomes.

“By combining complementary strengths, WTW and Cushon are positioned to deliver improved governance, innovation and long-term value for employers and savers,” WTW stated.

NatWest Group purchased Cushon in June 2023 in a £144m deal. Since then, Cushon has grown its customer base from 500,000 to around 730,000 and increased assets under management and administration (AUMA) from £1.7bn to almost £4bn.

---