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Retirement consultancy Framework

Nest Corporation

This public procurement record has 1 release in its history.

Award

08 Oct 2026 at 11:21

UK6 - Contract Award Notice
Summary of the contracting process

National Employment Savings Trust (NEST) Corporation commissioned retirement and financial consultancy to support its retirement-income design and implementation work. The assignment covers the design of the annual process for setting income payable to members aged 67–84, handling exits and entrants, premium payments and price locks, and the process for purchasing cohort annuities. It also includes reviewing draft umbrella terms with an insurer and supporting the build of the TCS, including closing the NGRF and setting up the initial cohort, income-initiation pricing and umbrella terms. Further work includes regular modelling discussions and point-estimate reviews. Delivery is in the United Kingdom.

The procurement is complete and the contract was awarded to Willis Towers Watson on 30 September 2026. The award is £275,000 excluding VAT (£330,000 including VAT). The contract period runs from 9 October 2026 to 31 March 2027. NEST selected the supplier through a selective process, making a call-off under an existing framework; the call-off was not competitive. The requirement was handled as one lot. The work supports critical-path items for NEST’s 2026/27 financial year, including retirement-income design, annuity purchasing and TCS implementation. The award is active.

For firms competing for comparable retirement consultancy work with NEST, this award shows demand for specialist advice that connects retirement-income design with operational implementation. Credible suppliers need experience shaping income processes for member cohorts, annuity purchasing, premium payment and price-lock arrangements, and reviewing umbrella terms with insurers. They should also be able to support systems build activities, cohort set-up and pricing, and work collaboratively with other named advisers and NEST. Strong modelling capability matters, including explaining methodology and reviewing point estimates through regular engagement. This is a focused consultancy assignment delivered over a short programme, so suppliers need senior expertise that can address multiple connected workstreams and meet critical-path requirements. The buyer used a framework call-off route, so relevant framework appointment is also important.

How relevant is this notice?

Notice Information

Notice Title

Retirement consultancy Framework

Notice Description

The Supplier will provide the services outlined below: Critical path items for FY2026/27 (ending 31 March) * Drawn from Co-design phase 2 project plan: o Review of relevant provisions of draft Umbrella Terms with insurer (first pass) o Complete design of annual process for determining income payable from 67-84 o Exits and entrants o Premium payment and price-lock (liaising with Hymans, Rothesay and nest to confirm appropriateness of proposal) o Cohort annuity purchase process * Supporting the TCS build: o NGRF closure and initial cohort set-up o Income initiation pricing process o Wider WTW support on engagement with TCS (e.g. alternatives to the dummy member approach for setting mid-year cohort pricing) o Umbrella terms (second pass) * Modelling support o Regular calls with Will on latest modelling, including methodology discussions and point estimate reviews

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-078386
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/095103-2026
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
UK6 - Contract Award 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
£275,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
8 Oct 20262 weeks ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
30 Sep 20263 weeks ago
Contract Period
9 Oct 2026 - 31 Mar 2027 1-6 months
Recurrence
Not specified

Notice Status

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

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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