What Cushon does

Cushon is a UK fintech workplace pensions and savings platform, founded in 2014 and headquartered in London. The company provides auto-enrolment workplace pensions to UK employers of all sizes (from 1-25 employee SMBs to 76+ employee organisations), alongside personal savings products including Stocks & Shares ISAs, Lifetime ISAs, Junior ISAs, and General Investment Accounts. Cushon now operates as part of WTW (Willis Towers Watson) following the May 2026 completion of WTW's acquisition from NatWest Group, contributing approximately £4 billion in AUM and 755,000+ members to WTW's UK defined contribution master trust business.

The platform is built around a cloud-based, mobile-first architecture with native iOS and Android apps, an employer self-service portal, and a separate adviser portal. Core technical components include an automated compliance engine that handles auto-enrolment duties and TPR declarations, a twice-daily (11am/4pm) order aggregation system committing to 3-working-day execution, and the Iris AI-powered pension consolidation assistant that uses conversational chat to guide members through employment history discovery before human advisers complete transfers. Investment offerings centre on the Cushon Sustainable Investment Strategy (a multi-award winning climate-focused default) and Cushon Core, supported by a self-select fund range across equities, bonds, and Shariah-compliant options.

Cushon generates revenue through three principal streams: (1) a £27/month + VAT per-employer fee for the Fully Managed plan that outsources compliance, (2) a 0.54% platform charge on default workplace pension pots and 0.79% on ISA/savings products, and (3) fund management charges of 0.08%-0.32% depending on fund selection. The Self Managed workplace pension is offered free to employers, with revenue entirely member-side. The customer base spans SMBs to enterprise (Heineken being the largest disclosed name) and includes a financial adviser channel. Cushon was previously majority-owned by NatWest Group (85% from 2021) and has completed multiple acquisitions (Salvus, Workers Pension Trust, Construction First Limited, Creative Pension Trust) that roughly tripled its member count between 2020 and 2022.

Name

Cushon

Legal name

Cushon Group Limited

Website

https://cushon.co.uk

Company type

Private

Founded year

2018

Operating status

Acquired

Headcount range

251–500 employees

Short description

Cushon is a UK fintech workplace pensions and savings platform serving 755,000+ members across 20,000+ employers with auto-enrolment compliance, ISAs, and AI-powered pension consolidation. Now operates as a subsidiary of WTW following its 2026 acquisition from NatWest Group.

Ownership category

akta.pro rank

Product category

Workplace Pensions

NAICS

Pension Funds (525110), Open-End Investment Funds (525910)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Global Custody (Multi-Asset Safekeeping) (FSAAAOAA)

akta.pro secondary industries

Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN), Debt Management & Paydown (Student Loans, Credit Cards) (FSAGADAD)

Keywords

• Workplace pension provider
• Pension administration services
• Personal savings ISAs
• Auto-enrolment compliance
• Financial wellbeing platform

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Fully Managed Workplace Pension: Employers pay a flat monthly fee of £27 + VAT for the Fully Managed plan which handles all auto-enrolment compliance duties, legal communications, and ongoing administration.
2. Self Managed Workplace Pension: Free for employers. Revenue generated from platform charges and fund management charges paid by employees/members.
3. Platform Charges (Members): Members pay platform charges (0.54% for default plan, 0.79% for ISA/savings products) deducted monthly from investment pots.
4. Fund Management Charges: Fund manager charges vary by investment selection (0.08%-0.32% for sustainable funds). Total cost for ISA/savings typically around 1.00% per annum with discounts for workplace customers.
5. Credit Facilities: In 2021, Cushon raised £20m in credit facilities from AshGrove Capital as part of a £26m funding round to support expansion, product development, and acquisitions.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Cushon is a UK fintech workplace pensions and savings platform offering employers a Fully Managed workplace pension for £27/month + VAT (covering all auto-enrolment compliance) and a free Self Managed workplace pension, plus personal savings products (Stocks & Shares ISA, Lifetime ISA, Junior ISA, General Investment Account) for individual members. The platform is supported by a mobile app, the Iris AI pension consolidation assistant, automated compliance engine and a multi-award winning sustainable default investment strategy, serving over 755,000 members across 20,000+ UK organisations.

Product overview

Cushon is a UK fintech workplace pensions and savings platform, now part of WTW, offering a unified digital ecosystem for workplace pensions and personal savings. The core offering consists of two workplace pension plans: the Fully Managed plan (where Cushon handles all auto-enrolment compliance for £27/month + VAT) and the Self Managed plan (zero cost, employer-controlled). These are complemented by personal savings products including Stocks & Shares ISA, Lifetime ISA, Junior ISA, and General Investment Account. The platform's investment approach centres on the Cushon Sustainable Investment Strategy (primary default) and Cushon Core (secondary default), with access to self-select funds. Key digital features include the Iris AI-powered pension consolidation assistant, a mobile app for cross-product visibility, and employer/adviser portals. The platform manages over £4 billion in assets for 755,000+ members across 20,000+ organisations.

Differentiator

Problem solved

Functional benefit

Products and services

• Cushon Workplace Pension
• Self Managed Workplace Pension
• Fully Managed Workplace Pension
• Cushon Personal Savings (ISA)
• Cushon Self-Select Funds
• Cushon Sustainable Investment Strategy
• Cushon Core
• Iris Pension Consolidation Service
• Cushon App
• Cushon Employer Portal

Quantifiable outcome

• 56% app download rate in first 6 months for National Care Group case study with 2,900+ employees
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• WTW (Willis Towers Watson)coreOthers · 1 May 2026WTW completed acquisition of Cushon from NatWest Group in May 2026 following FCA approval. The acquisition makes WTW the fourth largest UK master trust provider with over £30 billion in assets under management and 1.2 million members. Cushon operates as part of WTW's UK pensions business, enabling WTW to expand into the middle market.
• British Business BankminorGTM or Marketing Partner · 1 November 2025NatWest Cushon committed to British Growth Partnership Fund I alongside Aegon UK and M&G. The £200 million fund aims to invest in high-growth UK companies and mobilize institutional capital into UK's venture capital sector.
• MUFG Retirement SolutionsminorImplementation/ SI/ Consulting PartnerScheme administrators for Cushon Master Trust, providing pension administration services.
• Isio Services LimitedminorImplementation/ SI/ Consulting PartnerInvestment advisers to Cushon Master Trust scheme.
• Canada LifeminorOthersGroup life insurer for Cushon Master Trust.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Smart Pension: Smart Pension is a UK workplace pension master trust serving employers of all sizes with a digital-first platform and automated compliance. It competes head-to-head with Cushon for SMB and mid-market employer mandates, offering similar auto-enrolment functionality and a comparable fee structure.
• NEST (National Employment Savings Trust): NEST is the UK's largest workplace pension provider by member count, established under government auto-enrolment legislation. It is a direct competitor to Cushon Master Trust in the UK master trust market, particularly for employers seeking a low-cost default scheme with broad employee coverage.
• The People's Pension: The People's Pension is an independent UK master trust serving over 5 million members across tens of thousands of employers. It competes directly with Cushon in the mid-market and SMB workplace pension segment with a comparable low-cost, digitally administered offering.
• Now Pensions: Now Pensions is a UK workplace pension provider operating as a master trust, serving employers from SMEs to large corporates. It is a direct competitor to Cushon, particularly in the auto-enrolment compliance and mid-market employer space.
• PensionBee: PensionBee is a UK pension consolidation and management platform with a strong consumer-facing digital app. It overlaps with Cushon's personal pension and consolidation offering (Iris) and competes for individual members looking to combine old workplace pension pots.

Emerging players

• Penfold: Penfold is a UK workplace and personal pension provider focused on modern, digital-first pension saving for SMEs and the self-employed. It competes with Cushon's digital workplace proposition but is smaller in scale, making it an emerging challenger in the same niche.

Broad incumbents

• Aviva (Workplace Pensions): Aviva is one of the UK's largest life and pensions providers with a broad workplace pension and group SIPP offering. As a broad incumbent, it competes with Cushon for larger employer schemes where its scale, multi-product bundle and legacy brand are key advantages.
• Scottish Widows: Scottish Widows is a major UK life and pensions provider offering workplace pensions and individual pensions as part of a broader financial services portfolio. It competes with Cushon in the workplace and personal pension market as a large established incumbent.
• Royal London: Royal London is the UK's largest mutual life and pensions provider, offering workplace pensions, group pensions and individual savings products. As a broad incumbent, it competes with Cushon across both employer-sponsored and individual pension segments.
• Hargreaves Lansdown: Hargreaves Lansdown is the UK's largest investment platform with a strong SIPP and ISA offering. It competes with Cushon's personal savings (ISA, LISA, JISA, GIA) and self-select fund range, particularly for members looking to consolidate savings beyond their workplace pension.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/wearecushon
• Facebookfacebook.com/wearecushon
• LinkedInlinkedin.com/company/cushon
• Instagraminstagram.com/wearecushon

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cushon