WTW, owner of LifeSight, has acquired Cushon, a fintech workplace savings and pension business, for an undisclosed amount. This corporate transaction involves WTW purchasing Cushon from its majority owner, NatWest Group, marking a significant consolidation in the UK's workplace savings market.
Cushon specialises in using financial technology to innovate workplace pensions and savings. Its platform helps individuals navigate saving and investing through a single app that consolidates pensions, ISAs, and personal savings. Known for its jargon-free resources and user-friendly experience, Cushon currently serves over 650,000 members across more than 21,000 organisations, enhancing employee engagement with their financial futures.
The acquisition is strategically designed to expand WTW's footprint in the UK's workplace savings and pensions sector. By integrating Cushon's innovative technology and strong member engagement model with WTW's existing LifeSight master trust, the combined entity will create the fourth largest master trust in the UK. This move is anticipated to leverage Cushon's digital capabilities and broad member base alongside WTW's scale and expertise.
The synergy between WTW’s established presence in pension solutions and Cushon's cutting-edge fintech platform aims to deliver a more comprehensive and accessible offering for workplace savers. The combined operation will serve over 1 million people, providing enhanced tools and resources to help them save and invest effectively. This union is expected to drive further innovation in the market, focusing on improved member experience and financial well-being.