TEN-2425-042 Co-Design and Provision of a Bulk Deferred Annuity

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    "id": "ocds-h6vhtk-05076b-2026-02-02T14:47:37Z",
    "date": "2026-02-02T14:47:37Z",
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        {
            "id": "GB-PPON-PQGC-5667-VDDT",
            "name": "National Employment Savings Trust (NEST) Corporation",
            "identifier": {
                "scheme": "GB-PPON",
                "id": "PQGC-5667-VDDT"
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            "address": {
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                "postalCode": "E14 4PU",
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            "contactPoint": {
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        {
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                "countryName": "United Kingdom",
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            },
            "contactPoint": {
                "email": "rl-bd@rothesay.com"
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                "description": "Nest has already conducted an early market engagement exercise with suppliers to test Nest's proposed approach. Nest engaged with suppliers individually along with a specialised consultant, first having initial meetings, with then follow up meetings to review changes to Nest approach and then to help refine the procurement process. A list of the meetings undertaken and their purpose are detailed below. Initial kick-off meetings with suppliers to describe what Nest are looking to procure held on 5th, 6th, 9th 11th, 16th, 17th, 18th & 19th December. Update meetings to provide updates were held on 20th December 2024 and 7th, 10th, 13th, 15th, 20th January 2025 and 13th & 14th February 2025. Further information gathering sessions to ask insurers questions which will help to shape and feed into the procurement approach held - 27th & 28th February and 4th& 7th March. Meetings to discuss length/value of exclusivity period held 10th March. Senior Engagement meetings held 31st March & 14th April",
                "dateMet": "2025-04-14T00:00:00+01:00",
                "status": "met"
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        "legalBasis": {
            "id": "2023/54",
            "scheme": "UKPGA",
            "uri": "https://www.legislation.gov.uk/ukpga/2023/54/contents"
        },
        "title": "TEN-2425-042 Co-Design and Provision of a Bulk Deferred Annuity",
        "description": "Nest was seeking an insurer to partner with to develop a bulk deferred annuity. We anticipate that the supplier appointed to partner with Nest for the co-design period would also be appointed to be the provider of the bulk annuity to Nest for an exclusive period. Due to the complexity of the service and contract, the procurement was run as a full over threshold competitive flexible procedure with various stages.",
        "items": [
            {
                "id": "1",
                "additionalClassifications": [
                    {
                        "scheme": "CPV",
                        "id": "66131100",
                        "description": "Pension investment services"
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                        "region": "UK",
                        "country": "GB",
                        "countryName": "United Kingdom"
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                "awardCriteria": {
                    "weightingDescription": "Each stage will be scored from 100%, please refer to the ITT docuements for the breakdown of the weighted scoring for each section. Please note some questions will be a straight pass or fail.",
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                            "type": "quality",
                            "name": "Procurement Specific Questionnaire",
                            "description": "Used for Stage 1 Invitation to Participate - Will be a Pass/Fail Scoring Citeria"
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                            "type": "quality",
                            "name": "Strategic Alignment",
                            "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria"
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                        {
                            "type": "quality",
                            "name": "Strategic Partnership",
                            "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria"
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                            "name": "Co-design requirements: resourcing and delivery approach",
                            "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria"
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                        {
                            "type": "quality",
                            "name": "Co-design requirements: innovation and product development capability",
                            "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria"
                        },
                        {
                            "type": "quality",
                            "name": "Co-design requirements: pricing data and insight",
                            "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria - Will be a Pass/Fail Scoring Citeria for this question"
                        },
                        {
                            "type": "quality",
                            "name": "Ability to deliver the requirements of the bulk deferred annuity",
                            "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria"
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                        {
                            "type": "quality",
                            "name": "Ability to deliver the requirements of the bulk deferred annuity pricing data",
                            "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria - Will be a Pass/Fail Scoring Citeria for this question"
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                        {
                            "type": "quality",
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                        {
                            "type": "quality",
                            "name": "Strategic Partnership",
                            "description": "Stage 4 Final Tenders Award Evaluation Criteria"
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                        {
                            "type": "quality",
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                            "description": "Stage 4 Final Tenders Award Evaluation Criteria"
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                        {
                            "type": "quality",
                            "name": "Co-design requirements: innovation and product development capability",
                            "description": "Stage 4 Final Tenders Award Evaluation Criteria"
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                        {
                            "type": "quality",
                            "name": "Ability to deliver the requirements of the bulk deferred annuity",
                            "description": "Stage 4 Final Tenders Award Evaluation Criteria"
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            "features": "Nest is conducting the procurement in accordance with the Procurement Act 2023 under the Competitive Flexible Procedure comprising a Participation Stage followed by the issue of an Invitation to Tender to shortlisted bidders. This will be followed by a dialogue stage, then an Invitation to Submit Final Tenders. At each stage Nest can reduce the number of bidders if required. Once the preferred bidder has been selected, Nest will enter into contract negotiations with the preferred bidder and upon completion will award the contract. The stages are listed below, please refer to the tender documentation for details of the indicative dates for each stage. Stage 1: Participation Stage Stage 2: Initial Tenders Stage 3: Dialogue Stage 4: Final Tenders Stage 5: Contract Negotiations Stage 6: Contract Award"
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        "expressionOfInterestDeadline": "2025-05-27T17:00:00+01:00",
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            "endDate": "2025-05-09T12:00:00+01:00"
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        "riskDetails": "It is not known how long the full term of the contract will be. The length of the co-design process to develop the bulk deferred annuity (Part A of the contract) and when the first transaction for a bulk deferred annuity will begin will be subject to discussions with the insurer, and the length of time to fulfil the exclusivity period will depend on member behaviour and asset flows (Part 2 of the contract). The co-design process or policy/legislative change may also uncover additional requirements that could require a scope change. If these risks crystallize: * the contract may need to be extended beyond the original duration of 12 years plus the 2 year extension period. * the scope of requirements may need to change to include areas uncovered as part of co-design and/or policy/legislative change. * we do not know what the potential value to the supplier of the contract will be"
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