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Lot 3, Call-Off 1

Nest Corporation

This public procurement record has 2 releases in its history.

Award

10 Aug 2026 at 18:53

UK7 - Contract Details Notice
Award

20 Jul 2026 at 15:54

UK6 - Contract Award Notice
Summary of the contracting process

National Employment Savings Trust (NEST) Corporation procured financial consultancy services to support Nest Invest in designing its retirement income blueprint. The selected supplier was required to organise sprint-style workshops and help develop views on design and operational approaches for income distribution. The work covered assessment of the choice of CMA model, income calibration, high-level investment strategy, approaches for early retirees, comparator annuities, co-horting and cross-subsidies, detailed investment strategy, insurer price-lock arrangements, and cohort governance. The supplier also prepared pre-reading materials and papers recording workshop outcomes, and undertook related actions supporting the design and modelling of the income distribution approach. Delivery was for NEST Corporation across the United Kingdom.

This procurement has been completed under a framework through a selective call-off procedure. It was Lot 3, Call-Off 1, with one completed lot and a competitive process. Willis Towers Watson was awarded the contract on 23 April 2026. The award and contract value is £450,000 excluding VAT, or £540,000 including VAT. The contract was signed and began on 20 July 2026, with work scheduled to end on 30 October 2026. The contract is active. Evaluation focused on selecting a supplier for the specified financial consultancy and retirement-income design services, with the call-off made under the framework. The opportunity was above the relevant procurement threshold.

This requirement suits established financial consultancy firms with specialist retirement-income, pensions and investment expertise. Credible suppliers would need to advise on income-distribution models, CMA model choices, income calibration, investment strategy and volatility management for early retirees. They would also need experience with annuity comparisons, cohort design, age-related simplifications, cross-subsidies, insurer pricing and governance arrangements. The work calls for consultants who can run structured, sprint-style workshops, turn complex technical discussions into clear design decisions, and produce high-quality pre-reading and outcome papers. Experience combining strategic advice with associated modelling would be important, as would the capacity to support a central-government-related pension organisation through multiple connected design issues. This award demonstrates demand for senior, integrated pensions and investment consultancy rather than a narrow advisory service.

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Notice Information

Notice Title

Lot 3, Call-Off 1

Notice Description

This Contract Award Notice was published previously, however, did not have the unique OCID number attached to it due to administrative errors. This is a republishing of the Award Notice using today's date. The Supplier will organise workshops, in 'sprint'-style format, to support Nest Invest to form views on design aspects or operational approaches for its retirement income blueprint, which include but are not limited to the following: 1. Assessment of choice of CMA model, and support making any changes 2. Income calibration sessions (setting initial income, high-level investment strategy, adjusting the income framework) 3. Approach for early retirees (reducing volatility though income framework) 4. Choice of comparator annuities 5. Detailed decisions on co-horting (age-related simplifications and allowing for significant market movements, also related work on cross subsidies) 6. Detailed investment strategy considerations 7. Price-lock considerations with the insurer 8. Governance of cohorts The supplier will also prepare pre-reading materials and papers documenting the outcomes of workshops, for subjects relating to the retirement income blueprint, including the subjects above. The supplier will also carry out related relevant actions to support the design of the income distribution approach and associated modelling.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-06cf23
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/075955-2026
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
UK7 - Contract Details Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Award under framework
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66171000 - Financial consultancy services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
£450,000 £100K-£500K
Contracts Value
£450,000 £100K-£500K

Notice Dates

Publication Date
10 Aug 20261 months ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
23 Apr 20265 months ago
Contract Period
20 Jul 2026 - 30 Oct 2026 1-6 months
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

Willis Towers Watson

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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