WTW has completed the acquisition of master trust provider Cushon from NatWest after the Financial Conduct Authority signed off on the transaction.
It means WTW now owns two defined contribution (DC) master trusts serving the UK market, alongside its existing LifeSight offering.
In a statement, the company said the acquisition means it now has more than £30bn in DC assets managed on behalf of 1.2 million members. The deal was first announced in December.
WTW has emphasised that the two master trusts will operate independently, with Cushon focusing on “middle market” employers and LifeSight working with large companies.
As part of the deal, WTW and NatWest have agreed a “referral arrangement”, which will allow commercial banking customers at NatWest to have access to the master trust and its related savings services.
In the statement, WTW said: “The acquisition reflects ongoing evolution in the DC market, as providers seek greater scale, efficiency and investment capability to enhance member outcomes.
“By combining complementary strengths, WTW and Cushon are positioned to deliver improved governance, innovation and long-term value for employers and savers.”
Speaking in December after the deal was first announced, Julie Gebauer, WTW’s president of health, wealth and career, said: “Cushon has built a groundbreaking technology-led solution that is highly scalable and has enjoyed great success.”
