Scope
Description
Nest is procuring a Framework Agreement for consultancy services to support us evolve our retirement offering over the next four years, providing us with the means to flexibly draw consultancy support, across a broad range of capabilities, as detailed below.
Lot 1 - Decumulation expertise, scheme and product design
Lot 2 - Bulk Insurance and Risk Transfer
Lot 3 - Longevity Analysis and Modelling
Lot 4 - Member Experience and Communications
Commercial tool
Establishes a framework
Total value (estimated)
- £3,000,000 excluding VAT
- £3,600,000 including VAT
Above the relevant threshold
Contract dates (estimated)
- 1 April 2026 to 31 March 2030
- 4 years
Main procurement category
Services
CPV classifications
- 66523000 - Pension fund consultancy services
Contract locations
- UK - United Kingdom
Lot 1. Decumulation expertise, scheme and product design.
Description
a. DC decumulation pensions market capability, expertise in UK market for DC pension provision, specifically in decumulation, and the latest policy, regulatory and industry developments.
b. Capability in UK decumulation pension scheme design that enables the pooling of longevity and other risks, in a money purchase or other legislative/regulatory context.
c. Decumulation product design - capability in all stages of decumulation product design, from user research, to translating member needs into design principles, detailed product design, and implementation.
Lot value (estimated)
- £3,000,000 excluding VAT
- £3,600,000 including VAT
Framework lot values may be shared with other lots
Same for all lots
CPV classifications, contract locations and contract dates are shown in the Scope section, because they are the same for all lots.
Lot 2. Bulk Insurance and Risk Transfer
Description
a. Actuarial expertise and advisory services on longevity risk transfer mechanisms for defined contribution schemes, including buy-ins, buy-outs, and longevity swaps - encompassing pricing analysis, structuring, transaction execution, investment considerations, and ongoing governance and administration.
b. Experience of developing approaches to longevity risk transfer for defined contribution schemes.
Lot value (estimated)
- £3,000,000 excluding VAT
- £3,600,000 including VAT
Framework lot values may be shared with other lots
Same for all lots
CPV classifications, contract locations and contract dates are shown in the Scope section, because they are the same for all lots.
Lot 3. Longevity Analysis and Modelling
Description
a. Longevity modelling and actuarial capability, insight into longevity trends and developments, particularly in the context of the population of pension savers under auto enrolment.
b. Capability in developing actuarial modelling for decumulation solutions. Knowledge and understanding of appropriate capital market assumptions and longevity trends for decumulation.
c. Experience of designing decision frameworks and governance approaches to support Trustees in setting and maintaining income levels in decumulation.
Lot value (estimated)
- £3,000,000 excluding VAT
- £3,600,000 including VAT
Framework lot values may be shared with other lots
Same for all lots
CPV classifications, contract locations and contract dates are shown in the Scope section, because they are the same for all lots.
Lot 4. Member Experience and Communications
Description
a. Competency in crafting intuitive member journeys and clear communication strategies that drive positive retirement outcomes.
b. Expertise in applying user experience methodologies and date led design.
c. Proficiency in applying behavioural science techniques and develop evidence-based communication strategies that guide informed retirement decisions.
Lot value (estimated)
- £3,000,000 excluding VAT
- £3,600,000 including VAT
Framework lot values may be shared with other lots
Same for all lots
CPV classifications, contract locations and contract dates are shown in the Scope section, because they are the same for all lots.
Framework
Maximum number of suppliers
4
Maximum percentage fee charged to suppliers
0%
Framework operation description
Lot 1 can have more then 1 supplier.
Lots 2, 3 & 4 will have one supplier each.
A supplier can be awarded any number of lots.
Work is awarded via call off Contracts. Pricing for Call offs will be based on rates bid as part of the competitive bid process
Award method when using the framework
Either with or without competition
Contracting authorities that may use the framework
Establishing party only
Submission
Enquiry deadline
26 January 2026, 5:00pm
Tender submission deadline
13 February 2026, 12:00pm
Submission address and any special instructions
Tenders may be submitted electronically
Yes
Languages that may be used for submission
English
Award decision date (estimated)
27 February 2026
Award criteria
| Name | Type | Weighting |
|---|---|---|
| Experience and Capability | Quality | 50% |
| Proposed Team | Quality | 30% |
| Cost | Cost | 20% |
Other information
Conflicts assessment prepared/revised
Yes
Procedure
Procedure type
Open procedure
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