Scope
Description
Nest was seeking an insurer to partner with to develop a bulk deferred annuity.
We anticipate that the supplier appointed to partner with Nest for the co-design period would also be appointed to be the provider of the bulk annuity to Nest for an exclusive period.
Due to the complexity of the service and contract, the procurement was run as a full over threshold competitive flexible procedure with various stages.
Contract 1. TEN-2425-042 Co-Design and Provision of a Bulk Deferred Annuity
Supplier
Contract value
- £0 excluding VAT
- £0 including VAT
Above the relevant threshold
Award decision date
25 November 2025
Date assessment summaries were sent to tenderers
25 November 2025
Standstill period
- End: 27 January 2026
- 8 working days
Earliest date the contract will be signed
28 January 2026
Contract dates (estimated)
- 28 January 2026 to 27 January 2038
- Possible extension to 27 January 2040
- 14 years
Description of possible extension:
It is not known how long the full term of the contract will be.
The length of the co-design process to develop the bulk deferred annuity (Part A of the contract) and when the first transaction for a bulk deferred annuity will begin are not known at contract signature and the length of time to fulfil the exclusivity period will depend on member behaviour and asset flows (Part 2 of the contract).
The contract may need to be extended beyond the original duration of 12 years plus the 2 year extension period.
Main procurement category
Services
Options
The right to additional purchases while the contract is valid.
The co-design process or policy/legislative change may uncover additional requirements that could require a scope change.
CPV classifications
- 66131100 - Pension investment services
Contract locations
- UK - United Kingdom
Information about tenders
- 4 tenders received
- 4 tenders assessed in the final stage:
- 0 submitted by small and medium-sized enterprises (SME)
- 0 submitted by voluntary, community and social enterprises (VCSE)
- 1 supplier awarded contracts
- 3 suppliers unsuccessful (details included for contracts over £5 million)
Submission
Submission type
Tenders
Procedure
Procedure type
Competitive flexible procedure
Supplier
ROTHESAY LIFE PLC
- Companies House: 06127279
- Public Procurement Organisation Number: PJTX-6986-WDNV
The Post Building
London
WC1A 1PB
United Kingdom
Email: rl-bd@rothesay.com
Website: http://Rothesay.com
Region: UKI31 - Camden and City of London
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
Supported employment provider: No
Public service mutual: No
Contract 1. TEN-2425-042 Co-Design and Provision of a Bulk Deferred Annuity
Contracting authority
National Employment Savings Trust (NEST) Corporation
- Public Procurement Organisation Number: PQGC-5667-VDDT
10 South Colonnade, Canary Wharf,
London
E14 4PU
United Kingdom
Region: UKI42 - Tower Hamlets
Organisation type: Public authority - central government