Willis Towers Watson in talks to buy Cushon from NatWest

Willis Towers Watson (WTW) is in preliminary discussions to acquire Cushon, the workplace pensions and savings business currently owned by NatWest Group, according to people familiar with the matter. The talks, described as exploratory, would expand WTW’s foothold in the UK’s digital pensions and workplace savings market by adding Cushon’s platform, employer relationships and retail client base.

Cushon, launched by NatWest as part of its push into fintech-enabled employee benefits, provides automated pension management and workplace savings solutions for employers and employees. For NatWest, a sale would align with efforts to streamline operations and concentrate on core banking services following broader strategic reviews across its divisions.

Financial terms have not been disclosed and sources say any transaction would be contingent on due diligence and regulatory approvals from UK authorities. Market observers note WTW has made several moves in recent years to bolster its technology-led benefits and wealth capabilities, and acquiring an established platform such as Cushon would accelerate that strategy by integrating a ready-made digital offering and client pipeline.

Analysts say potential benefits for WTW include cross-selling opportunities with its existing advisory and benefits administration services, improved scale in the UK market and enhanced digital capabilities that could reduce long-term operating costs. For employers using Cushon, the deal could bring broader access to WTW’s consulting expertise but may also prompt integration-related changes to product features and customer service models.

NatWest has previously invested in fintech initiatives to broaden its product mix; however, management has signaled a desire to sharpen focus on core banking priorities amid regulatory and market pressures. Selling Cushon could free capital and management bandwidth for those efforts.

Spokespeople for the companies declined to comment beyond noting that discussions are ongoing. Any definitive agreement would likely take weeks to months to finalize and would require sign-off from regulators. Market participants will watch closely for details on valuation, deal structure and the timeline for integration, which will determine the transaction’s strategic impact on both firms and the broader UK pensions market.