--- title: "Research Services for Pensions illustrations: presenting uncertainty and variability" ocid: "ocds-h6vhtk-06ee7d" canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-06ee7d" markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-06ee7d.md" json_url: "https://d3tenders.com/contract/ocds-h6vhtk-06ee7d.json" source: "Find A Tender Service" current_stage: "Planning" buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED" published: "2026-08-28" --- # Research Services for Pensions illustrations: presenting uncertainty and variability Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED Current stage: Planning OCID: ocds-h6vhtk-06ee7d [View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-h6vhtk-06ee7d) [Download OCDS JSON](https://d3tenders.com/contract/ocds-h6vhtk-06ee7d.json) ## Summary The Financial Reporting Council Limited is planning to commission research and consultancy on how pension illustrations can communicate uncertainty and variability to defined contribution savers. The work will support the development of pension illustrations and related communications, helping savers understand and assess the adequacy of their pension arrangements. It will focus on projected pension income for early- and mid-career savers, and on the amount and pattern of income for people approaching retirement. The planned research has three phases: a review of academic and professional literature; development of alternative wording, narratives, presentation formats, visualisations and prototype communications; and empirical testing with segmented groups of defined contribution savers. The service is classified as research and development and related consultancy services (CPV 73000000), delivered in the United Kingdom. This procurement is at the planning stage and is not an invitation to tender. The FRC intends to use preliminary market engagement comprising a written questionnaire and individual virtual sessions. Suppliers must register interest by 14 September 2026 at 5.00pm to receive the questionnaire, return it by 18 September 2026 at 4.00pm, and may be offered a discussion slot on 29 September 2026. The FRC expects the future contract to start on 7 January 2027 and finish on 31 May 2027, with a possible extension to 31 December 2027. The contract is expected to be awarded as one lot, with renewal available. The procurement is below the applicable threshold; no estimated contract value or final tender procedure has yet been set. This will suit research consultancies, behavioural science specialists, pensions researchers, communications designers and organisations able to combine these disciplines. Relevant suppliers should understand how savers interpret and respond to uncertainty, variability and financial communications, alongside the investment, inflation, longevity and retirement-timing risks involved in pension planning. The work calls for capability across literature review, behavioural design, development of wording and visual formats, user segmentation, inclusive field research, empirical testing, analysis and reporting. Strong academic or professional research experience, rigorous methods and the capacity to recruit suitable populations and work closely with an FRC policy team will be valuable. Potential contractors should be independent in relation to the research scope and able to identify and declare actual, potential or perceived conflicts of interest. ## Notice BACKGROUND The FRC is the UK's independent regulator responsible for issuing and maintaining technical actuarial standards. It is responsible for Actuarial Standard Technical Memorandum 1 (AS TM1), which specifies the assumptions and methods used to calculate statutory illustrations of money purchase, or defined contribution, pensions. Pension illustrations are based on assumptions about future investment returns, inflation and retirement choices. The uncertainty and variability inherent in future retirement outcomes can be challenging for defined contribution (DC) savers to understand. The FRC is interested in how this uncertainty and variability can be communicated clearly and effectively to support savers in understanding and assessing the adequacy of their pension arrangements. PURPOSE This research will gather evidence on how information can be presented to help DC savers understand the uncertainty and variability of their estimated pension income. It will inform the development of pension illustrations and related communications and support savers in understanding and assessing the adequacy of their pension arrangements. The FRC is considering the information provided in the following contexts: * For pensions illustrations given to DC savers in early- and mid-career, there are uncertainties in the estimates of projected pension income; the further away from retirement, the greater the uncertainty. * For pensions illustrations given to DC savers approaching retirement, there is uncertainty and variability in both the amount and pattern of income beyond the first point of accessing DC savings. The primary focus of the research will be on the presentation of pensions illustrations information. The successful contractor(s) will therefore need strong knowledge and experience of savers' behavioural responses to such information; they will also need sufficient technical knowledge of the investment, inflation, longevity and retirement timing risks inherent to pensions planning. SCOPE The research project will comprise three phases: 1. Literature review of the relevant academic and professional expert research in this area. 2. Solution development - drawing on phase 1, the successful contractor(s) will work closely with the FRC policy team to develop a range of potentially viable solutions for communicating DC pensions uncertainty and variability. Activities will include: * developing alternative wording and narrative approaches; * developing presentation formats and visualisations; * considering how savers may interpret and respond to communications; * assessing the extent to which communications may support informed decision-making. Outputs will include: * behavioural design principles; * prototype communications; * visual mock-ups; * supporting rationale for proposed approaches. 3. Empirical testing - drawing on phase 2, the FRC will select the approaches to be taken forward for empirical testing, taking account of the objectives of the research and the evidence gathered during phase 1. The successful contractor(s) will then carry out empirical testing of these approaches, allowing for a segmentation of DC savers, for example by stage of career, and any other relevant categorisation. FEEDBACK SOUGHT We are looking for feedback on a range of delivery approaches, including but not limited to: SCOPE * Are there any additional or alternative phases or activities that are required to meet the Purpose of the project? * Are there relevant insights from other sectors or jurisdictions that could be adapted to improve how uncertainty and variability are communicated to DC savers? RESEARCH METHODS * What approaches and methods could be used, and what issues might we encounter, in each of the following: - Defining suitable bodies of academic and professional literature to review, and upon which to draw. - Developing the potential solutions for communicating DC pensions uncertainty and variability; working closely with the FRC team in doing so. - Selecting among the above potential solutions for field based empirical testing with users. - Conducting that testing with rigour and inclusiveness, using suitable techniques and population samples. STRUCTURE * What key milestones and dependencies would you envisage? What would be the best way(s) of involving the FRC team in review phases, and key decision-making? * How could responsibilities and interfaces between different parts of the project be managed, especially if delivered by different contractors? TIMETABLE * The realistic overall duration of the project and indicative time needed for each of the three phases. * The lead time required for participant recruitment, research approvals, data collection, analysis and reporting, and any seasonal or market factors that could affect delivery. ADDITIONAL COMMENTS * Are there any other insights that you could provide? PRELIMINARY MARKET ENGAGEMENT PROCESS The process comprises two parts (a) questionnaire for your completion and (b) A virtual market engagement session. IMPORTANT :- You must register your interest to procurement@frc.org.uk (no later than 5.00pm 14/09/2026) to receive the questionnaire / further details. CONDITIONS OF PARTICIPATION The FRC welcomes participation from potential contractors with demonstrable experience, capacity and capability relevant to the proposed services. Contractors will be required to confirm their independence (in relation to the scope of this research) and declare any actual, potential or perceived conflicts of interest. Such matters may be taken into account as part of the procurement process, particularly where an entity tendering for this work is subject to direct or delegated regulation by the FRC. ### Planning Information PRELIMINARY MARKET ENGAGEMENT PROCESS The Preliminary Market Engagement process comprises two parts:- 1. A questionnaire for your completion. The questionnaire seeks to capture your insights as fully or briefly as you are comfortable sharing (in writing). 2. A virtual market engagement session. Video call sessions with each supplier individually to explore the areas where feedback is sought. Depending on the number of participants, the FRC reserves the right to amend this approach. Suppliers are free to participate in both parts or just one. Our intention is to host Preliminary Market Engagement (also referred to as Pre Tender Market Engagement (PTME)) sessions on 29th September 2026 in the morning (9.00am - 11.30am and afternoon (1.30pm - 3.00pm). The slots are subject to the volume of responses and availability. The intention is the slot will last for approximately 20 minutes. ACTION REQUIRED • Register an expression of interest (and questionnaire will be sent promptly). Email procurement@frc.org.uk you must do so no later than 14/09/2026 before 5.00pm. • You must confirm of your participation by completing the questionnaire (and returning to procurement@frc.org.uk) by 18/09/2026 by 4.00pm • The procurement team will confirm your slot by 22/09/2026 FRC looks forward to your engagement. ## Key Details | Field | Value | | --- | --- | | Publication source | Find A Tender Service | | Latest notice | https://www.find-tender.service.gov.uk/Notice/082163-2026 | | Notice type | UK2 - Preliminary Market Engagement Notice | | Procurement type | Standard | | Procurement category | Services | | Procurement method | Not Specified | | Procurement method details | Not specified | | Tender suitability | Not specified | | Awardee scale | Not specified | | All stages | Planning | ## Dates | Field | Value | | --- | --- | | Publication date | 28 Aug 2026 | | Submission deadline | Not specified | | Future notice date | 14 Sep 2026 | | Award date | Not specified | | Contract period | 7 Jan 2027 - 31 May 2027 | | Recurrence | Not specified | ## Values | Field | Value | | --- | --- | | Tender value | Not specified | | Lots value | Not specified | | Awards value | Not specified | | Contracts value | Not specified | ## Status | Field | Value | | --- | --- | | Tender status | Planning | | Lots status | Planning | | Awards status | Not specified | | Contracts status | Not specified | ## Buyer | Field | Value | | --- | --- | | Main buyer | THE FINANCIAL REPORTING COUNCIL LIMITED | | Locality | LONDON | | Postcode area | East London | | Postcode | E14 9GE | | Country | England | | ITL 1 | TLI London | | ITL 2 | TLI4 Inner London - East | | ITL 3 | TLI42 Tower Hamlets | | Local authority | Tower Hamlets | | Electoral ward | Blackwall & Cubitt Town | | Westminster constituency | Poplar and Limehouse | | Delivery location | Not specified | ## CPV Codes ### Divisions - 73 - Research and development services and related consultancy services ### Codes - 73000000 - Research and development services and related consultancy services ## Release History - 28 Aug 2026 at 12:48 - Planning - UK2 - Preliminary Market Engagement Notice - https://www.find-tender.service.gov.uk/Notice/082163-2026 ## Documents - https://www.find-tender.service.gov.uk/Notice/082163-2026 28th August 2026 - Preliminary market engagement notice on Find a Tender ## Notice URLs - https://www.frc.org.uk/ - https://www.legislation.gov.uk/ukpga/2023/54/contents ## Provenance This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-06ee7d. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-06ee7d.json.