Willis Towers Watson (WTW) announced that it will acquire Cushon, a workplace pensions, savings and financial‑wellbeing provider, from NatWest Group. The transaction adds almost £4 billion in assets under management and 730,000 members to WTW’s portfolio and is expected to close in the first half of 2026, pending regulatory approval.
The purchase price has not been disclosed. Cushon’s addition brings a technology‑led platform that complements WTW’s existing LifeSight master trust, which manages more than £26 billion in assets for 430,000 members. Together, the two entities will serve both large‑company and mid‑market clients, creating a unified offering that spans the full spectrum of the UK defined‑contribution master‑trust market.
WTW’s strategy is to deepen its presence in high‑growth, technology‑enabled pension solutions. By acquiring Cushon, the company gains a scalable platform that accelerates member acquisition and engagement, while the combined AUM positions WTW comfortably above the regulatory scale thresholds that will come into force in 2030 and 2035. The deal also strengthens WTW’s cross‑sell opportunities and competitive moat in a market that is consolidating rapidly.
The UK DC master‑trust sector grew roughly 35 % in 2024 and is projected to expand at about 18 % annually over the next decade. Regulatory pressure to reach £10 billion in assets by 2030 and £25 billion by 2035 is driving consolidation, and WTW’s combined entity will exceed these thresholds, giving it a strategic advantage in attracting new clients and retaining existing ones.
Management comments underscore the strategic fit. Julie Gebauer, WTW President of Health, Wealth & Career, said the acquisition “underlines our commitment to transform tomorrows for millions of UK savers” and highlighted Cushon’s “highly scalable” technology. Paul Thwaite, NatWest Group CEO, noted that the sale “will allow Cushon’s growth to be more effectively realised under a larger, more established player.” Ben Pollard, Cushon CEO, expressed excitement about joining WTW and continuing to deliver innovative solutions to a broader client base.
The combined entity will not only meet regulatory scale requirements but also enhance WTW’s ability to cross‑sell services, deepen client relationships, and drive long‑term growth in a market that is experiencing rapid expansion and consolidation. The acquisition positions WTW to capture a larger share of the UK master‑trust market and to deliver a more comprehensive, technology‑enabled offering to employers and employees alike.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.