Section one: Contracting authority/entity
one.1) Name and addresses
National Employment Savings Trust (NEST)
10 South Colonnade 1st floor
London
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
Provision of Retirement Consultancy Services
Reference number
TEN-2324-016
two.1.2) Main CPV code
- 66523000 - Pension fund consultancy 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:
This tender was to establish a Framework Agreement for consultancy services to support Nest to enhance its retirement offering
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-2324-016
Title
Retirement Consultancy Services
five.2) Award of contract/concession
five.2.1) Date of conclusion of the contract/concession award decision:
23 October 2023
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
WTW (Towers Watson Limited)
Reigate
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
Hymans Robertson LLP
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: £800,000
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
- 66523000 - Pension fund consultancy services
seven.1.3) Place of performance
NUTS code
- UK - United Kingdom
seven.1.4) Description of the procurement:
Since 2015, one of the principal challenges for the pensions industry in the UK has been to develop retirement income products which provide members with a life-long, sustainable income, whilst retaining the benefits of flexibility introduced by the pension freedoms.
In 2015 Nest set out a blueprint for a retirement income strategy which would fulfil these objectives following the introduction of the pension freedoms.
Over the next few years, nest will be working to evolve its retirement offering and will need specialist ad-hoc support. This tender is to establish a preferred supplier pool (in the form of a Framework Agreement) for consultancy services to help support Nest throughout this programme of work.
Please note, the estimated value is the upper limit of Nest's anticipated range of spend that spend over the duration of the framework, which is £500,000 - 800,000. This is a framework agreement and therefore no minimum spend is guaranteed.
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:
£800,000
seven.1.7) Name and address of the contractor/concessionaire
Hymans Robertson LLP
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
WTW (Towers Watson Limited)
Reigate
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):
Value of framework to be increase to cover for additional works.
seven.2.2) Reasons for modification
Need for additional works, services or supplies by the original contractor/concessionaire.
Description of the economic or technical reasons and the inconvenience or duplication of cost preventing a change of contractor:
The complexity and commercial sensitivity of the project means it would be very uneconomical to retender the framework and continue the work at this advanced stage with different suppliers.
It would involve significant duplication of work and likely delay delivery of the project which is a strategic priority for the business. We therefore need to continue working with the two suppliers appointed under the existing retirement consultancy framework agreement.
The additional work is expected to include consultancy support to:
Continue to support Nest to explore the design and feasibility of a bulk deferred annuity investment
• Actuarial advisory to support the design of internal modelling
• Investment advisory, to support Nest to help its members manage key risks, inflation, sequencing, market, etc
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: £800,000
Total contract value after the modifications
Value excluding VAT: £1,200,000