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Provision of Retirement Consultancy Services

National Employment Savings Trust (NEST)

This public procurement record has 1 release in its history.

AwardUpdate

09 Oct 2025 at 10:06

Award Notice
Summary of the contracting process

The National Employment Savings Trust (NEST) in the United Kingdom is leading a contracting process for the "Provision of Retirement Consultancy Services". This tender falls within the services category, specifically targeting pension fund consultancy services. It aims to establish a framework agreement to support NEST's evolving retirement income strategy, especially in light of the flexibility offered by the pension freedoms introduced in 2015. The procurement is now in the awarding stage with two suppliers, WTW (Towers Watson Limited) and Hymans Robertson LLP, already active. The contract covers a period of 1,440 days, and its estimated value ranges from £500,000 to £800,000. The delivery of services is concentrated in the UK, with the framework agreement signed on 23 October 2023.

This tender presents significant opportunities, especially for large firms specialised in retirement consultancy services. With the increasing complexity of retirement income products and the strategic importance of such services to NEST, there is potential for sustained engagement and growth for businesses within this sector. Companies with robust expertise in actuarial and investment advisory services, capable of adapting to the intricate challenges of the pensions industry, would find this tender particularly beneficial. The framework offers a chance to partner with a leading public pension provider in the UK, contributing to and influencing the development of innovative retirement income solutions.

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Notice Information

Notice Title

Provision of Retirement Consultancy Services

Notice Description

Lot Information

Lot 1

Since 2015, one of the principal challenges for the pensions industry in the UK has been to develop retirement income products which provide members with a life-long, sustainable income, whilst retaining the benefits of flexibility introduced by the pension freedoms. In 2015 Nest set out a blueprint for a retirement income strategy which would fulfil these objectives following the introduction of the pension freedoms. Over the next few years, nest will be working to evolve its retirement offering and will need specialist ad-hoc support. This tender is to establish a preferred supplier pool (in the form of a Framework Agreement) for consultancy services to help support Nest throughout this programme of work. Please note, the estimated value is the upper limit of Nest's anticipated range of spend that spend over the duration of the framework, which is PS500,000 - 800,000. This is a framework agreement and therefore no minimum spend is guaranteed.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-05ab47
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/063572-2025
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66523000 - Pension fund consultancy services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£1,200,000 £1M-£10M

Notice Dates

Publication Date
9 Oct 202510 months ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
23 Oct 20232 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

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

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
Not specified
Postcode Area
Not specified
Country
Not specified
Major Region (ITL 1)
Not specified
Basic Region (ITL 2)
Not specified
Small Region (ITL 3)
Not specified
Delivery Location
Not specified
Local Authority
Not specified
Electoral Ward
Not specified
Westminster Constituency
Not specified

Supplier Information

Number of Suppliers
2
Supplier Names

Hymans Robertson LLP

WTW (Towers Watson Limited)

Further Information

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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