Willis Towers Watson in Talks to Acquire NatWest-Owned Retirement Platform Cushon

Willis Towers Watson (WTW) is reportedly in advanced discussions to acquire Cushon, a workplace retirement schemes platform owned by NatWest Group. The potential acquisition follows an auction process that garnered interest from multiple companies within the retirement services sector, highlighting growing consolidation activity. Cushon manages approximately £3.7 billion in assets and serves over 650,000 members through 21,000 employer relationships, offering workplace pensions and various Individual Savings Accounts (ISAs). Although the transaction's financial terms remain undisclosed, some sources estimate Cushon's valuation could exceed £150 million. However, there remains no certainty that a deal will be finalized. NatWest acquired a majority stake in Cushon in June 2023 for £144 million as part of a strategy to focus on core banking objectives following its exit from taxpayer ownership. The divestiture aligns with NatWest’s intent to streamline operations and enhance balance sheet management. WTW has not publicly commented on the negotiations, while NatWest emphasizes its continued commitment to customer service. The potential deal reflects broader industry trends of financial institutions optimizing their portfolios and insurance-related retirement platforms evolving amid regulatory and market pressures.