WTW Buys Pension Firm Cushon to Manage Billions More in Retirement Savings

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.