NatWest Group has sold its 85 per cent stake in workplace savings and pension FinTech Cushon to global advisory and brokerage company WTW.

The agreement is part of a broader transaction, which sees WTW acquire 100 per cent of Cushon. Since becoming part of NatWest Group in June 2023, Cushon said it increased the number of customers it serves from 500,000 to approximately 730,000 and grown assets under management from £1.7 billion to almost £4 billion.    

Paul Thwaite, group chief executive officer at NatWest Group, said that during the period of majority ownership, NatWest worked with Cushon to grow the business and offer more “innovative products” to a larger number of customers.

“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,” he said.

Thwaide added that, given the wider changes in the pensions market and the increasing importance of scale, Cushon's growth journey will be more effectively realised under the ownership of a larger and more established player in this sector such as WTW.

Ben Pollard, founder and chief executive of Cushon, said the new partnership with WTW will help the company focus on enhancing its innovative solutions.

“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,” Pollard added.

The transaction is expected to be completed in the first half of 2026, subject to regulatory approval.

Under the agreement, NatWest said it will continue to work with Cushon on a referral basis to meet the ongoing demand for corporate pension products from its clients in the commercial and institutional sectors.



 

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