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TEN-2526-037 (PA2023) Retirement Consultancy Framework - Lot No 2, Call-Off No 1

Nest Corporation

This public procurement record has 9 releases in its history.

Award

20 Jul 2026 at 16:01

UK7 - Contract Details Notice
Award

20 Jul 2026 at 15:55

UK6 - Contract Award Notice
Award

30 Jun 2026 at 09:48

UK7 - Contract Details Notice
Award

25 Jun 2026 at 10:26

UK7 - Contract Details Notice
Award

07 May 2026 at 14:17

UK7 - Contract Details Notice
Award

23 Apr 2026 at 14:31

UK6 - Contract Award Notice
Award

02 Apr 2026 at 11:31

UK6 - Contract Award Notice
Award

13 Mar 2026 at 17:30

UK6 - Contract Award Notice
Tender

19 Jan 2026 at 10:09

UK4 - Tender Notice
Summary of the contracting process

National Employment Savings Trust (NEST) Corporation procured UK-wide pension fund and retirement consultancy services through its Retirement Consultancy Framework. The requirement covers four areas: decumulation expertise, scheme and product design; bulk insurance and risk transfer; longevity analysis and modelling; and member experience and communications. The awarded call-off concerns Lot 2, Bulk Insurance and Risk Transfer, and supports the co-design of a retirement income product with NEST and an insurer. Work includes annuity transfer value analysis, value-for-money assessment, consideration of different annuity rates and member income characteristics, review and negotiation of bulk annuity terms, and development of operational processes. These processes cover member reporting, data exchanges, member events and future use with different insurers. Delivery is across the United Kingdom.

This procurement has been awarded following an open procedure for a closed framework with up to four participants, using rate cards and call-offs with or without reopening competition. The framework’s estimated value is £3,000,000 excluding VAT (£3,600,000 including VAT). Lot 1 was awarded to Hymans Robertson LLP, Towers Watson Limited and Lane Clark & Peacock LLP; Lot 2 to Hymans Robertson LLP; and Lot 3 to Towers Watson Limited. Each award was dated 6 March 2026, with contracts running from 1 April 2026 to 31 March 2030 and values of £3,000,000 excluding VAT (£3,600,000 including VAT). A Lot 2 call-off was awarded to Hymans Robertson LLP on 1 July 2026 for £400,000, with a contract from 30 July to 31 December 2026. Evaluation weighted experience and capability 50%, proposed team 30% and cost 20%.

This opportunity shows that NEST buys specialist retirement and pension consultancy from established firms able to advise on complex bulk annuity and risk-transfer arrangements. A credible competitor would need demonstrable experience and capability in annuity pricing, transfer-value analysis, longevity or retirement-income design, value-for-money assessment and negotiation of insurer terms. It would also need a team able to work collaboratively with NEST, insurers and other advisers through workshops, governance calls and iterative product co-design. Operational delivery matters alongside technical advice: relevant capability includes member data and movement reporting, data exchanges, death and divorce-related member events, payment arrangements and processes that can be adapted for different insurers. The framework’s competitive assessment places greater weight on experience and capability and team quality than on cost, indicating that evidence of relevant delivery and suitably skilled personnel is central to credibility.

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Notice Information

Notice Title

TEN-2526-037 (PA2023) Retirement Consultancy Framework - Lot No 2, Call-Off No 1

Notice Description

May: Preparation and attendance at regular project calls. Reviewing the project plan and work to develop the project plan for Co-design Cycle 2. Production of a decisions log to record the agreed design structure Work in respect of the annuity transfer value design, including: Preparation for and attendance at the meeting on 12 May to discuss Rothesay's initial analysis Preparation of paper "Review of Rothesay's transfer value analysis" dated May 2026 Preparation for and attendance at the meeting on 29 May to discuss and agree the annuity transfer value design Initiating the Value for Money workstream, including outlining potential elements of the Value for Money process for Rothesay's review Further work in respect of the approach to managing different annuity rates, including liaising with Rothesay in respect of sample annuity pricing. June: Further analysis and advice in relation to allowing for different characteristics in member incomes & managing different annuity rates, including a workshop on 18 June and updating decision log Liaising with Nest & Rothesay in respect of assessing the Value for Money of annuity pricing Reviewing the bulk annuity umbrella terms Reviewing and updating the co-design cycle 2 project plan Attendance at regular project management/ governance calls July: Further analysis and advice in respect of allowing for affluence in member incomes from age 75, including further workshop attendance Further review and negotiation of bulk annuity terms, including reflecting Value for Money terms Further support in initiating co-design cycle 2 Attendance at regular project management/ governance calls August: Continue to provide input, ideas and challenge to discussions/negotiations with Nest and the insurer on operational aspects of the product design (including, for example, continuation of income on death, transfer values for divorce, cohort cut-off dates, frequency of payment, date of first and last payment to members, product launch) Support the development and negotiation of the necessary operational processes to support the LLPI product, bringing insights from our bulk annuity experience, including consideration of: Member existence and movement reporting Provision of data to/ from TCS and Nest Member event processes (e.g. deaths, transfer values) "Future proofing" operational approaches so they would be expected to work for different insurers in future Further review and negotiation of the bulk annuity product terms as required Attendance at regular project management/governance calls

Lot Information

Decumulation expertise, scheme and product design. Bulk Insurance and Risk Transfer Longevity Analysis and Modelling Member Experience and Communications

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-06085f
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/068393-2026
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

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

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

73 - Research and development services and related consultancy services

CPV Codes

66100000 - Banking and investment services

66120000 - Investment banking services and related services

66523000 - Pension fund consultancy services

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£3,000,000 £1M-£10M
Lots Value
£3,000,000 £1M-£10M
Awards Value
£3,850,000 £1M-£10M
Contracts Value
£3,850,000 £1M-£10M

Notice Dates

Publication Date
20 Jul 20261 months ago
Submission Deadline
13 Feb 2026Expired
Future Notice Date
Not specified
Award Date
6 Mar 20266 months ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Complete
Awards Status
Active, Pending
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
5
Supplier Names

Hymans Robertson LLP

TOWERS WATSON LIMITED

Lane Clark & Peacock LLP

Sopra Steria Limited

Willis Towers Watson

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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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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