Section one: Contracting authority/entity
one.1) Name and addresses
National Employment Savings Trust (NEST)
10 South Colonnade, Canary Wharf, London, E14 4PU
London
E14 4PU
procurement@nestcorporation.org.uk
Country
United Kingdom
Region code
UK - United Kingdom
Internet address(es)
Main address
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
TEN-2324-037 Nest Invest Strategic Evolutionary Consultancy Value Increase
two.1.2) Main CPV code
- 79400000 - Business and management consultancy and related services
two.1.3) Type of contract
Services
two.2) Description
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement at the time of conclusion of the contract:
A framework agreement to support Nest as we evolve the operating and business model.
To assist in the transformation of Nests operating models through significant growth trajectories.
Suppliers will have experience of advising FCA regulated OPS firms and with practitioner knowledge of investment operating model design and implementation.
two.2.7) Duration of the contract, framework agreement, dynamic purchasing system or concession
Duration in months
48
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
Section five. Award of contract/concession
Contract No
TEN-2324-037
Title
Nest Invest Strategic Evolutionary Consultancy
five.2) Award of contract/concession
five.2.1) Date of conclusion of the contract/concession award decision:
31 May 2024
five.2.2) Information about tenders
The contract/concession has been awarded to a group of economic operators: Yes
five.2.3) Name and address of the contractor/concessionaire
Alpha Financial Market Consulting
London
Country
United Kingdom
NUTS code
- UK - United Kingdom
The contractor/concessionaire is an SME
No
five.2.3) Name and address of the contractor/concessionaire
Aviva International
London
Country
United Kingdom
NUTS code
- UK - United Kingdom
The contractor/concessionaire is an SME
No
five.2.4) Information on value of the contract/lot/concession (at the time of conclusion of the contract;excluding VAT)
Total value of the procurement: £2,000,000
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
High Court
London
Country
United Kingdom
Section seven: Modifications to the contract/concession
seven.1) Description of the procurement after the modifications
seven.1.1) Main CPV code
- 79400000 - Business and management consultancy and related services
seven.1.3) Place of performance
NUTS code
- UK - United Kingdom
Main site or place of performance
Nest Offices
seven.1.4) Description of the procurement:
A framework agreement to support Nest as we evolve the operating and business model.
To assist in the transformation of Nests operating models through significant growth trajectories.
Suppliers will have experience of advising FCA regulated OPS firms and with practitioner knowledge of investment operating model design and implementation.
seven.1.5) Duration of the contract, framework agreement, dynamic purchasing system or concession
Duration in months
48
seven.1.6) Information on value of the contract/lot/concession (excluding VAT)
Total value of the contract/lot/concession:
£3,000,000
seven.1.7) Name and address of the contractor/concessionaire
Alpha Financial Markets Consulting
London
Country
United Kingdom
NUTS code
- UK - United Kingdom
The contractor/concessionaire is an SME
No
seven.1.7) Name and address of the contractor/concessionaire
Aviva International
London
Country
United Kingdom
NUTS code
- UK - United Kingdom
The contractor/concessionaire is an SME
No
seven.2) Information about modifications
seven.2.1) Description of the modifications
Nature and extent of the modifications (with indication of possible earlier changes to the contract):
Increase of contract value by 50%
seven.2.2) Reasons for modification
Need for modification brought about by circumstances which a diligent contracting authority/entity could not foresee.
Description of the circumstances which rendered the modification necessary and explanation of the unforeseen nature of these circumstances:
The extension of the contract is necessary due to unforeseeable delays to relevant projects under the framework agreement, which has increased the estimated cost of the consultancy services required to deliver these projects above estimates.
It would not be possible for Nest to contract with any other supplier to complete the projects without incurring significant costs (in the region of £1m-£1.5m) because these projects are in flight and a new supplier would have to duplicate work already completed by the existing suppliers. This would not represent good value for money.
In addition there would be a significant time cost of onboarding new suppliers, and for them to develop the work existing suppliers have already completed.
This would further delay projects (by an estimated year, on the basis of the work completed to date) which are critical to the delivery of the investment approach for Nest’s members.
seven.2.3) Increase in price
Updated total contract value before the modifications (taking into account possible earlier contract modifications, price adaptions and average inflation)
Value excluding VAT: £2,000,000
Total contract value after the modifications
Value excluding VAT: £3,000,000