Global advisory, broking and solutions firm Willis Towers Watson (WTW) has completed its acquisition of workplace pension and savings provider Cushon.
WTW announced that it was acquiring Cushon from Natwest Group in December 2025.
Following regulatory approval from the Financial Conduct Authority, Cushon will now sit alongside LifeSight and expand WTW’s master trust reach across all market segments. LifeSight will continue to focus on large organisations, while Cushon will enable growth in the middle market.
The addition of the Cushon Master Trust to WTW’s portfolio has resulted in WTW now managing more than £30 billion of master trust assets on behalf of 1.2 million members. Nearly 20,000 employers and 755,000 savers currently use Cushon, with £4.2 billion assets under management.
A referral agreement with Natwest Group remains in place so its corporate clients can still access Cushon’s workplace pension services.
Cushon, which formerly traded as Natwest Cushon, provides pension and savings products through a personalised mobile app, helping employers to enhance the financial wellbeing of their workforce. It helps users to manage their money, build a better financial future and invest in line with their goals and values by enabling them to save into pensions, Isas and other products from their pay.
A WTW spokesperson said: “The transaction strengthens WTW’s position in the UK defined contribution (DC) workplace pensions market, where its LifeSight master trust is the fourth largest. The acquisition reflects ongoing evolution in the 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.”
