DLA Piper advises WTW on acquisition of Cushon from NatWest and management

DLA Piper has advised global advisory and brokerage company, WTW, on the acquisition of Cushon, a workplace pensions, savings and financial wellbeing fintech, from NatWest Group and management. The transaction is subject to regulatory approval and is expected to close in the first half of 2026.

The acquisition will add new capability and bolster WTW’s position in the UK defined contribution (DC) master trust space, enhancing its capabilities and unlocking new growth opportunities in UK mid-size workplace pensions and savings. Cushon will add almost GBP4 billion in assets under management and 730,000 members to WTW’s portfolio. LifeSight, WTW’s defined contribution master trust, has over GBP26 billion in assets under management and 430,000 members.

The deal highlights the ongoing trend towards providers seeking to achieve greater scale and efficiency, enabling them to better serve customers and generate higher returns for savers. As the DC industry continues to evolve, WTW’s enhanced presence, and capability is likely to set a new standard for master trust providers.

The DLA Piper team advising WTW was led by Corporate partners Chris Arnold and Carl Hotton. They were supported by senior associate Isabella Gee, associate Dana Drozina and trainee Abigail Fieldus. A full-strength multidisciplinary team advised across pensions, regulatory, IP and technology, tax, employment, and anti-trust that included Anthony Day, Nichola Donovan, Linzi Penman, John Wilks, Henry Pelling ( (IPT), Tamara Calvert, Tharusha Rajapakse, Jonathan Exten-Wright, David Howard (Employment),  Matt Evans, Martin Strom, Katie O’Hara, Rory Milkova, Katie Palms, Calum Ablett (Lit&Reg) Ben Brown, Andrew Carr (Tax), and Mark Dwyer (Finance).

Carl Hotton, partner, commented: “Master trusts are the fastest growing segment in the UK defined contribution space, so it was great that we were able to help WTW on this acquisition from NatWest and we look forward to working together with WTW towards completion of this transaction in 2026”.

Chris Arnold, partner, said: “We were delighted to have worked with WTW on this important transaction. The full DLA Piper team working in close partnership with WTW has been key in getting this deal across the line and we have been incredibly impressed with how they transact on deals. Significant consolidation is expected amongst master trusts going forward and so we expect to see similar deals in the future”.