WTW is set to acquire Cushon, the workplace pensions and savings fintech currently majority-owned by NatWest Group, for an undisclosed amount.

NatWest confirmed that it has agreed to sell its 85 per cent stake in Cushon to WTW, as part of a broader transaction that will see WTW acquire 100 per cent of the business.

Under the agreement, NatWest will continue to work with Cushon on a referral basis, maintaining access for its commercial and institutional customers to Cushon’s workplace pensions products.

Completion is expected in the first half of 2026, subject to regulatory approval.

Since joining NatWest Group, 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.

WTW said the acquisition will strengthen its UK defined contribution (DC) position and unlock new opportunities in the mid-market workplace pensions and savings segment.

Cushon will add almost £4bn in assets and 730,000 members to the firm’s portfolio, alongside LifeSight, WTW’s master trust, which has more than £26bn in assets and 430,000 members.

Master trusts remain the fastest-growing part of the UK DC market, according to WTW, which noted an expansion of around 35 per cent in 2024 and expects it to grow by an average of 18 per cent annually over the next decade.

Commenting on the deal, WTW president of health, wealth and career, Julie Gebauer, claimed it demonstrated the firm’s commitment to “transform tomorrows for millions of UK savers”, adding that combining LifeSight and Cushon would enable WTW “to serve all segments of the rapidly growing master trust space”.

“Cushon has built a groundbreaking technology-led solution that is highly scalable and has enjoyed great success,” Gebauer continued.

“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.”

Cushon founder and chief executive, Ben Pollard, added that the tie-up would allow the firm to sharpen its focus on 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,” he said.

“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.”

Also commenting, NatWest Group chief executive officer, Paul Thwaite, said the decision to sell reflected both firms’ assessment that the next phase of Cushon’s development “will be most effectively achieved under the ownership of a larger, more established player”.

“Since acquiring a majority stake in Cushon, we have worked together to grow the business by bringing more innovative products to more customers,” he stated.

“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 among SMEs and commercial mid-market firms,” Thwaite added.

The announcement follows earlier reports suggesting that WTW had entered into exclusive talks with NatWest as part of Thwaite's strategy to refocus the bank on its core priorities, including a bank-wide simplification programme and more active balance-sheet and risk management.

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