The agreement forms part of a wider transaction, which sees WTW acquire 100% of Cushon. It is expected to complete in the first half of 2026, subject to regulatory approval.
Since becoming part of NatWest Group, Cushon has increased the number of customers it serves from 500,000 to approximately 730,000 and grown AUMA from £1.7 billion to almost £4 billion.
The agreement will also see NatWest Group continuing to work with Cushon on a referral basis, given the ongoing demand for workplace pensions products from customers in its Commercial & Institutional business.
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.”
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 referral 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.”
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.”
