WTW is in advanced discussions to acquire NatWest Cushon, following an auction process, according to Sky News.

An article published by the news provider on Friday suggested that WTW has entered exclusive talks with NatWest and is working towards an agreement that would see it take ownership of Cushon, as part of NatWest's chief executive, Paul Thwaite's, strategy to refocus the bank on its core strategic priorities.

These include a bank-wide simplification programme and more active balance sheet and risk management.

NatWest bought the digital pensions and ISA provider less than two years ago in a £144m deal.

The bank currently owns an 85 per cent stake in Cushon, with the remaining 15 per cent held by the subsidiary's management.

However, sources told Sky News that a transaction to sell its stake could be finalised “within weeks”, although there is no guarantee an agreement will be reached.

Cushon offers workplace pension products as well as a range of workplace ISAs, including Junior ISAs, Lifetime ISAs and General Investment Accounts.

It also operates a master trust and announced plans to invest in natural capital earlier this year.

Indeed, the provider was among the first to introduce climate-aligned defaults, claiming in 2021 to have launched the world’s first “net-zero pension”.

Meanwhile, WTW already operates the LifeSight master trust, which earlier this year announced it had surpassed £20bn in assets under management.

LifeSight, launched in 2015, now covers more than 400,000 members, including over 5,000 in its post-retirement drawdown section.

Neither WTW nor NatWest have commented publicly on the reported talks, with WTW telling Pensions Age that it “can’t comment on market speculation”.

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