This is the company that many people wanted Cushon to be.

One interesting snippet from the WTW/NatWest Cushon press release comes at the end of Nick Reeves’ pre-report

I wonder what an employer in a firm such as Creative or Salvus is thinking having started with that trust, become part of Cushon who were bought and renamed NatWest Cushon and will now be part of what is considered “mid-market” clients.

Is the employer, let alone the member, a consideration in this deal? You decide as you read the corporate statements…

Here is the press release;

WTW to acquire cutting-edge UK fintech pensions and savings provider, Cushon

 London – 10 December 2025 – WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, and Cushon, a workplace pensions, savings and financial wellbeing company, are pleased to announce an agreement that sees WTW’s UK business acquire Cushon from NatWest Group.

The deal adds new capability and bolsters WTW’s position in the UK defined contribution (DC) master trust space, enhancing its capabilities and unlocking new growth opportunities in UK mid-size workplace pensions and savings.

Cushon adds almost £4 billion in assets under management and 730,000 members to WTW’s portfolio. LifeSight, WTW’s defined contribution master trust, has over £26bn in assets under management and 430,000 members.

Master trusts are the fastest growing segment in the UK defined contribution space. The industry grew by around 35% in 2024* and is anticipated to average around 18% growth per year, over the next decade*.

The agreement includes a referral arrangement enabling NatWest’s commercial banking customers to continue to have seamless access to Cushon’s workplace pensions and savings services for their employees.

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.”

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 partnership 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.”

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.” 

The deal highlights the ongoing trend towards providers seeking to achieve greater scale and efficiency, enabling them to better serve customers and generate higher returns for savers. As the DC industry continues to evolve, WTW’s enhanced presence and capability is likely to set a new standard for master trust providers.

Together with Cushon, WTW is poised to capitalise on the growing demand for workplace savings, using its increased scale to enhance its offerings and member experience, further drive innovation and increase its competitive edge in the market.

The acquisition is subject to regulatory approval and is expected to close in the first half of 2026.

Plowman comment

There is no scale issue at WTW’s Lifesight; Lifesight has less than half a million savers (including deferreds). Cushon has more than 300,000 members more than WTW  but less a sixth of its assets.

For many years, I have promoted Cushon as a scheme that cares about where it invests and the interests of members. This is not how this press release reads to me.

It is hard not to think that this is a commercial deal that gives NatWest a way of walking away from a very bad deal.  In February 2023, NatWest Group agreed to acquire 85% of Cushon for £144m, with 15% retained by Cushon management.

So far there has been no details of the price WTW are paying but just how it feels to be an employer having been shipped from one provider to another, isn’t in the press release.

Cushon’s principal conversation to the market was over its deal with Nest, its investment in infrastructure and Julius Pursail’s high profile on the investment side

Was this just marketing? Does no one at WTW care much for what I thought Cushon stood for? Here’s how WTW’s head of retirement sees the deal.

Not once in reading this corporate talk did I get any sense that the members were going to get a better deal from all this – or indeed the employers who made their original choice for reasons that do not seem important a few deals later.