Global advisory, broking and solutions firm Willis Towers Watson (WTW) has announced that it will acquire workplace pensions, savings and financial wellbeing provider Cushon from Natwest Group.
The acquisition is subject to regulatory approval and is anticipated to close in the first half of 2026. It will add 730,000 members to WTW’s portfolio and see an additional £4 billion in assets under management from Cushon.
The deal will bolster WTW’s position in the UK defined contribution (DC) master trust space, enhance capabilities and unlock new growth opportunities in UK mid-size workplace pensions and savings.
The agreement includes a referral arrangement which will continue Natwest’s commercial banking customers to have access to Cushon’s workplace pensions and savings services for their employees.
Julie Gebauer, president of health, wealth and career at WTW, 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. 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 chief executive officer (CEO) at Cushon, added: “We can now focus more intensely on delivering innovative solutions that help millions of people save. 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 the bank into the future.”
Paul Thwaite, group CEO at 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. 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.”
