WTW to acquire Cushon from NatWest

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 forms part of a wider transaction, which sees WTW acquire 100% of Cushon. It is expected to complete in the first half of 2026.

The deal 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.

Acquired two years ago, Cushon is no longer viewed as an attractive proposition under chief executive Paul Thwaite’s bank-wide simplification plan.

Says Thwaite: “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.”