Award

TEN-2324-041 Retirement Solution Services

NATIONAL EMPLOYMENT SAVINGS TRUST (NEST)

This public procurement record has 1 release in its history.

Award

16 May 2024 at 16:02

Award Notice
Summary of the contracting process

The National Employment Savings Trust (NEST) has awarded a contract for research consultancy services titled "TEN-2324-041 Retirement Solution Services". The project involves providing insight into flexible access drawdown, evolving lifelong income solutions, and supporting member decision-making. The contract value is £99,000, with the tender period ending on 12th April 2024. The contract period spans from 7th May 2024 to 7th May 2025. The procurement method is an open procedure below threshold. NEST is located at 10 South Colonnade, Canary Wharf, London, E14 4PU, England.

This tender by NEST for research consultancy services presents an opportunity for businesses interested in the financial services industry. Small and medium-sized enterprises (SMEs) are well-suited to compete in this tender. Businesses that have experience in providing research services and expertise in retirement solutions would find this tender particularly relevant. The award was granted to Ignition House, reflecting a potential niche for larger consultancy firms specializing in financial research and analysis. The contract period offers a one-year opportunity for the awarded supplier to showcase their capabilities and contribute to NEST's retirement solutions.

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Notice Information

Notice Title

TEN-2324-041 Retirement Solution Services

Notice Description

Research project is being commissioned to provide insight into three broad areas: The introduction of flexible access drawdown. This might be described as the 'do it myself' option, where individuals want complete control. It would sit alongside the current self-managed options outlined on our website - taking all their pot in one lump sum, with the first 25% paid tax free, and taking ad hoc or regular withdrawals from their pot with 25% of every withdrawal being paid tax free (what is known technically as an uncrystallised fund lump sum withdrawal). The evolution of our lifelong income solution (building on the current Nest Guided Retirement fund and introducing a deferred annuity element). In contrast to flexible access drawdown this might be described as the 'do for me' option, where Nest takes the responsibility to delivering a sustainable lifelong income and the on-going decisions an individual must make are minimal. The supporting communication, tools and guidance that aids member decision making.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-40fbe27c-7393-43d2-83b6-d05a5649384a
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/bed56229-5d82-40a1-8dc2-6a6ee0f5e030
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73210000 - Research consultancy services

Notice Value(s)

Tender Value
£99,000 Under £100K
Lots Value
Not specified
Awards Value
£99,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
16 May 20241 years ago
Submission Deadline
12 Apr 2024Expired
Future Notice Date
Not specified
Award Date
23 Apr 20241 years ago
Contract Period
6 May 2024 - 7 May 2025 1-2 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
NATIONAL EMPLOYMENT SAVINGS TRUST (NEST)
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
E14 4PU
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
TLI London
Local Authority
Tower Hamlets
Electoral Ward
Canary Wharf
Westminster Constituency
Poplar and Limehouse

Supplier Information

Number of Suppliers
1
Supplier Name

IGNITION HOUSE

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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