Scope
Description
Nest is 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.
Total value (estimated)
- £0 including VAT
Above the relevant threshold
Contract dates (estimated)
- 29 January 2026 to 28 January 2036
- Possible extension to 28 January 2038
- 12 years
Description of possible extension:
2 year extension in 1 year intervals
Main procurement category
Services
CPV classifications
- 66131100 - Pension investment services
Contract locations
- UK - United Kingdom
Submission
Enquiry deadline
9 May 2025, 12:00pm
Submission type
Requests to participate
Deadline for requests to participate
27 May 2025, 5:00pm
Submission address and any special instructions
Tenders may be submitted electronically
Yes
Languages that may be used for submission
English
Award decision date (estimated)
9 June 2025
Award criteria
| Name | Description | Type |
|---|---|---|
| Procurement Specific Questionnaire | Used for Stage 1 Invitation to Participate - Will be a Pass/Fail Scoring Citeria |
Quality |
| Strategic Alignment | Stage 2 Initial Tenders Shortlisting Evaluation Criteria |
Quality |
| Strategic Partnership | Stage 2 Initial Tenders Shortlisting Evaluation Criteria |
Quality |
| Co-design requirements: resourcing and delivery approach | Stage 2 Initial Tenders Shortlisting Evaluation Criteria |
Quality |
| Co-design requirements: innovation and product development capability | Stage 2 Initial Tenders Shortlisting Evaluation Criteria |
Quality |
| Co-design requirements: pricing data and insight | Stage 2 Initial Tenders Shortlisting Evaluation Criteria - Will be a Pass/Fail Scoring Citeria for this question |
Quality |
| Ability to deliver the requirements of the bulk deferred annuity | Stage 2 Initial Tenders Shortlisting Evaluation Criteria |
Quality |
| Ability to deliver the requirements of the bulk deferred annuity pricing data | Stage 2 Initial Tenders Shortlisting Evaluation Criteria - Will be a Pass/Fail Scoring Citeria for this question |
Quality |
| Strategic Alignment | Stage 4 Final Tenders Award Evaluation Criteria |
Quality |
| Strategic Partnership | Stage 4 Final Tenders Award Evaluation Criteria |
Quality |
| Co-design requirements: resourcing and delivery approach | Stage 4 Final Tenders Award Evaluation Criteria |
Quality |
| Co-design requirements: innovation and product development capability | Stage 4 Final Tenders Award Evaluation Criteria |
Quality |
| Ability to deliver the requirements of the bulk deferred annuity | Stage 4 Final Tenders Award Evaluation Criteria |
Quality |
Weighting description
Each stage will be scored from 100%, please refer to the ITT docuements for the breakdown of the weighted scoring for each section. Please note some questions will be a straight pass or fail.
Other information
Description of risks to contract performance
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 will be subject to discussions with the insurer, and the length of time to fulfil the exclusivity period will depend on member behaviour and asset flows (Part 2 of the contract).
The co-design process or policy/legislative change may also uncover additional requirements that could require a scope change.
If these risks crystallize:
• the contract may need to be extended beyond the original duration of 12 years plus the 2 year extension period.
• the scope of requirements may need to change to include areas uncovered as part of co-design and/or policy/legislative change.
• we do not know what the potential value to the supplier of the contract will be
Applicable trade agreements
- Government Procurement Agreement (GPA)
Conflicts assessment prepared/revised
Yes
Procedure
Procedure type
Competitive flexible procedure
Competitive flexible procedure description
Nest is conducting the procurement in accordance with the Procurement Act 2023 under the Competitive Flexible Procedure comprising a Participation Stage followed by the issue of an Invitation to Tender to shortlisted bidders. This will be followed by a dialogue stage, then an Invitation to Submit Final Tenders. At each stage Nest can reduce the number of bidders if required. Once the preferred bidder has been selected, Nest will enter into contract negotiations with the preferred bidder and upon completion will award the contract. The stages are listed below, please refer to the tender documentation for details of the indicative dates for each stage.
Stage 1: Participation Stage
Stage 2: Initial Tenders
Stage 3: Dialogue
Stage 4: Final Tenders
Stage 5: Contract Negotiations
Stage 6: Contract Award
Documents
Documents to be provided after the tender notice
All documentation will be provided at the Invitation to Participate Stage. The ITP will be updated to an ITT following completion of the Invitation to Participate Stage and could be updated at the end of each stage if required. Any updated ITT's will be issued via the Bravo Portal.
Contracting authority
Nest Corporation
- Public Procurement Organisation Number: PQGC-5667-VDDT
10 South Colonnade
London
E14 4PU
United Kingdom
Region: UKI42 - Tower Hamlets
Organisation type: Public authority - sub-central government