NatWest has reportedly engaged in exclusive discussions over the sale of its majority interest in workplace pension provider Cushon to Willis Towers Watson. The talks come roughly two years after NatWest purchased its controlling share in the business. People close to the matter cited by Reuters indicated that any transaction could place Cushon’s valuation above GBP 150 million, although they stressed that negotiations may still conclude without an agreement.
The parties involved have not offered detailed public statements. NatWest said through representatives that the bank is continuing to prioritise customer-related activity, while WTW has not commented on the reported discussions. Those providing information requested anonymity due to the private nature of the negotiations.
Strategic shifts among UK lenders
The possible sale reflects wider strategic adjustments among UK banks. Institutions such as NatWest have, in recent years, acquired smaller financial technology firms to expand service offerings and attract customers looking for digital-first solutions. Cushon was one such acquisition, with NatWest purchasing an 85% stake for GBP 144 million in mid-2023. At that time, Cushon’s leadership retained a 15% interest in the company.
However, NatWest officials have recently highlighted a renewed focus on simplifying operations and concentrating on areas such as mortgage lending and support for commercial activity. This shift has prompted speculation that certain non-core assets could be reviewed, including those acquired as part of the earlier expansion into workplace savings and pensions.
Cushon operates within a sector that has seen rising interest from established financial groups looking for technology-driven platforms. As of January, the company oversaw about GBP 3 billion in assets under management. Its pension and savings products are offered through more than 21,000 employers, with membership exceeding 650,000 individuals.
