WTW has completed its acquisition of Cushon, following regulatory approval from the Financial Conduct Authority (FCA).
WTW already runs the LifeSight master trust, and this acquisition further strengthens its position in the workplace DC pensions market. The addition of the Cushon master trust to its portfolio means that WTW now manages more than £30bn of master trust assets on behalf of 1.2 million members.
Cushon was put up for sale by NatWest last year, with WTW emerging as the buyer in December 2025.
WTW confirmed that it intends to run Cushon as a separate master trust, focused on medium-sized companies, while LifeSight will continue to focus on larger corporates. It says this will enable it to expand its reach across all market segments.
A referral agreement with NatWest Group remains in place, ensuring Cushon continues to provide NatWest’s corporate clients with seamless access to its workplace pension solutions.
The acquisition reflects political and regulatory changes in the DC market with the incoming Pension Schemes Bill prioritising scale in order to facilitate investment into private markets and to deliver greater efficiencies, both with the view of boosting outcomes for members.