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

Nest Corporation

This public procurement record has 4 releases in its history.

Award

02 Feb 2026 at 14:47

UK7 - Contract Details Notice
Award

16 Jan 2026 at 10:00

UK6 - Contract Award Notice
Tender

25 Apr 2025 at 10:38

UK4 - Tender Notice
Planning

25 Apr 2025 at 10:29

UK2 - Preliminary Market Engagement Notice
Summary of the contracting process

The National Employment Savings Trust (NEST) Corporation, located in London, is the buying organisation for the project titled "TEN-2425-042 Co-Design and Provision of a Bulk Deferred Annuity", under the industry category of pension investment services. This procurement process, completed on 2nd February 2026, involved a complex multi-stage flexible competitive procedure to select an insurer, Rothesay Life PLC, which is based in London, to partner with NEST for co-designing a bulk deferred annuity. The contract spans from 28th January 2026 to 27th January 2038, with potential extensions up to 2040. The procurement method was open, aligned with the UK Procurement Act 2023, and the process covered services under the Government Procurement Agreement (GPA).

This tender presents significant business growth opportunities, particularly for large insurance companies capable of developing and delivering innovative pension investment services. The contract involves a comprehensive co-design phase, making it suitable for organisations with strong product development capabilities and strategic partnership potential. Given the scale and specialised nature of the contract, smaller enterprises or VCSEs were unlikely to participate in the final stages. The opportunity to collaborate with NEST, a central public authority, could enhance a supplier's market position and showcase expertise in handling complex, long-term government contracts.

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Notice Information

Notice Title

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

Notice 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.

Lot Information

Lot 1

Renewal: 2 year extension in 1 year intervals

Planning Information

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

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-05076b
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/009032-2026
Current Stage
Award
All Stages
Planning, Tender, Award

Procurement Classification

Notice Type
UK7 - Contract Details Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Competitive flexible procedure
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66131100 - Pension investment services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
2 Feb 20267 months ago
Submission Deadline
Not specified
Future Notice Date
25 Apr 2025Expired
Award Date
25 Nov 20259 months ago
Contract Period
28 Jan 2026 - 27 Jan 2038 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Complete
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Nest Corporation
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
Postcode Area
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
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Canary Wharf
Westminster Constituency
Poplar and Limehouse

Supplier Information

Number of Suppliers
1
Supplier Name

ROTHESAY LIFE PLC

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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