DLA Piper Advises WTW on Acquisition of Cushon from NatWest and Management

DLA Piper advised global advisory and brokerage company WTW on its acquisition of Cushon from NatWest Group and management. The transaction concerns the purchase by WTW of Cushon, a workplace pensions, savings and financial wellbeing fintech. The deal is intended to strengthen WTW’s position in the UK defined contribution (DC) master trust market by adding new capability and creating growth opportunities in mid-size workplace pensions and savings. Cushon will contribute almost GBP 4 billion in assets under management and approximately 730,000 members to WTW’s portfolio. By comparison, WTW’s LifeSight defined contribution master trust currently has over GBP 26 billion in assets under management and around 430,000 members. The acquisition is subject to regulatory approval and is expected to complete in the first half of 2026. The transaction reflects broader industry consolidation as providers seek greater scale and efficiency to better serve customers and deliver improved outcomes for savers. DLA Piper represented WTW with a team composed by: Corporate partners Chris Arnold and Carl Hotton; senior associate Isabella Gee; associate Dana Drozina; trainee Abigail Fieldus; and a multidisciplinary advisory team across pensions, regulatory, intellectual property and technology, tax, employment and antitrust that included Anthony Day, Nichola Donovan, Linzi Penman, John Wilks, Henry Pelling (IP & Technology), Tamara Calvert, Tharusha Rajapakse, Jonathan Exten-Wright, David Howard (Employment), Matt Evans, Martin Strom, Katie O'Hara, Rory Milkova, Katie Palms, Calum Ablett (Litigation & Regulatory), Ben Brown, Andrew Carr (Tax) and Mark Dwyer (Finance).

DLA Piper Advises WTW on Acquisition of Cushon from NatWest and Management

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