Pensions giant WTW in talks to buy NatWest's pensions unit - report

28th Nov 2025 15:20

(Sharecast News) - Pensions giant WTW is reportedly in talks to buy the workplace retirement schemes platform owned by NatWest Group.

According to Sky News - WTW - formerly known as Willis Towers Watson - has emerged as the frontrunner to buy Cushon from NatWest following an auction which attracted several leading industry names. The price under negotiation was unclear on Friday, Sky said.

Cushon manages assets worth £3.7bn, according to the latest figures provided by NatWest, which bought a controlling stake in the business for £144m two years ago.

The pensions business serves roughly 650,000 members across approximately 21,000 employers.

NatWest owns an 85% stake in Cushon, with the remainder held by the subsidiary's management.