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It is responsible for Actuarial Standard Technical Memorandum 1 (AS TM1), which specifies the assumptions and methods used to calculate statutory illustrations of money purchase, or defined contribution, pensions.\nPension illustrations are based on assumptions about future investment returns, inflation and retirement choices. The uncertainty and variability inherent in future retirement outcomes can be challenging for defined contribution (DC) savers to understand. The FRC is interested in how this uncertainty and variability can be communicated clearly and effectively to support savers in understanding and assessing the adequacy of their pension arrangements.\nPURPOSE\nThis research will gather evidence on how information can be presented to help DC savers understand the uncertainty and variability of their estimated pension income. 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central government" } ] } ] } } ], "buyer": { "id": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "GB-COH-02486368" } ], "name": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "THE FINANCIAL REPORTING COUNCIL LIMITED" } ] }, "planning": { "milestones": [ { "id": "engagement", "type": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "engagement" } ], "description": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "PRELIMINARY MARKET ENGAGEMENT PROCESS\nThe Preliminary Market Engagement process comprises two parts:- \n1.\tA questionnaire for your completion. The questionnaire seeks to capture your insights as fully or briefly as you are comfortable sharing (in writing).\n2.\tA virtual market engagement session. Video call sessions with each supplier individually to explore the areas where feedback is sought. Depending on the number of participants, the FRC reserves the right to amend this approach. \nSuppliers are free to participate in both parts or just one.\nOur intention is to host Preliminary Market Engagement (also referred to as Pre Tender Market Engagement (PTME)) sessions on \n29th September 2026 in the morning (9.00am - 11.30am and afternoon (1.30pm - 3.00pm). \nThe slots are subject to the volume of responses and availability. The intention is the slot will last for approximately 20 minutes.\nACTION REQUIRED\n•\tRegister an expression of interest (and questionnaire will be sent promptly). Email procurement@frc.org.uk you must do so no later than 14/09/2026 before 5.00pm. \n•\tYou must confirm of your participation by completing the questionnaire (and returning to procurement@frc.org.uk) by 18/09/2026 by 4.00pm\n•\tThe procurement team will confirm your slot by 22/09/2026\nFRC looks forward to your engagement." } ], "dueDate": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "2026-09-14T23:59:59+01:00" } ], "status": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "scheduled" } ] } ], "documents": [ { "id": "082163-2026", "documentType": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "marketEngagementNotice" } ], "noticeType": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "UK2" } ], "description": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "Preliminary market engagement notice on Find a Tender" } ], "url": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "https://www.find-tender.service.gov.uk/Notice/082163-2026" } ], "datePublished": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "2026-08-28T12:48:17+01:00" } ], "format": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "text/html" } ] } ] }, "tender": { "id": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "FRC2026-075" } ], "legalBasis": { "id": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "2023/54" } ], "scheme": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "UKPGA" } ], "uri": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "https://www.legislation.gov.uk/ukpga/2023/54/contents" } ] }, "title": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "Research Services for Pensions illustrations: presenting uncertainty and variability" } ], "description": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "BACKGROUND\nThe FRC is the UK's independent regulator responsible for issuing and maintaining technical actuarial standards. It is responsible for Actuarial Standard Technical Memorandum 1 (AS TM1), which specifies the assumptions and methods used to calculate statutory illustrations of money purchase, or defined contribution, pensions.\nPension illustrations are based on assumptions about future investment returns, inflation and retirement choices. The uncertainty and variability inherent in future retirement outcomes can be challenging for defined contribution (DC) savers to understand. The FRC is interested in how this uncertainty and variability can be communicated clearly and effectively to support savers in understanding and assessing the adequacy of their pension arrangements.\nPURPOSE\nThis research will gather evidence on how information can be presented to help DC savers understand the uncertainty and variability of their estimated pension income. It will inform the development of pension illustrations and related communications and support savers in understanding and assessing the adequacy of their pension arrangements.\nThe FRC is considering the information provided in the following contexts:\n•\tFor pensions illustrations given to DC savers in early- and mid-career, there are uncertainties in the estimates of projected pension income; the further away from retirement, the greater the uncertainty. \n•\tFor pensions illustrations given to DC savers approaching retirement, there is uncertainty and variability in both the amount and pattern of income beyond the first point of accessing DC savings. \nThe primary focus of the research will be on the presentation of pensions illustrations information. The successful contractor(s) will therefore need strong knowledge and experience of savers' behavioural responses to such information; they will also need sufficient technical knowledge of the investment, inflation, longevity and retirement timing risks inherent to pensions planning.\nSCOPE\nThe research project will comprise three phases: \n1.\tLiterature review of the relevant academic and professional expert research in this area. \n2.\tSolution development - drawing on phase 1, the successful contractor(s) will work closely with the FRC policy team to develop a range of potentially viable solutions for communicating DC pensions uncertainty and variability. \nActivities will include: \n•\tdeveloping alternative wording and narrative approaches; \n•\tdeveloping presentation formats and visualisations; \n•\tconsidering how savers may interpret and respond to communications; \n•\tassessing the extent to which communications may support informed decision-making. \nOutputs will include: \n•\tbehavioural design principles; \n•\tprototype communications; \n•\tvisual mock-ups; \n•\tsupporting rationale for proposed approaches. \n3.\tEmpirical testing - drawing on phase 2, the FRC will select the approaches to be taken forward for empirical testing, taking account of the objectives of the research and the evidence gathered during phase 1. The successful contractor(s) will then carry out empirical testing of these approaches, allowing for a segmentation of DC savers, for example by stage of career, and any other relevant categorisation.\nFEEDBACK SOUGHT\nWe are looking for feedback on a range of delivery approaches, including but not limited to:\nSCOPE\n•\tAre there any additional or alternative phases or activities that are required to meet the Purpose of the project?\n•\tAre there relevant insights from other sectors or jurisdictions that could be adapted to improve how uncertainty and variability are communicated to DC savers?\nRESEARCH METHODS\n•\tWhat approaches and methods could be used, and what issues might we encounter, in each of the following:\n- Defining suitable bodies of academic and professional literature to review, and upon which to draw.\n- Developing the potential solutions for communicating DC pensions uncertainty and variability; working closely with the FRC team in doing so.\n- Selecting among the above potential solutions for field based empirical testing with users.\n- Conducting that testing with rigour and inclusiveness, using suitable techniques and population samples.\nSTRUCTURE\n•\tWhat key milestones and dependencies would you envisage? What would be the best way(s) of involving the FRC team in review phases, and key decision-making?\n•\tHow could responsibilities and interfaces between different parts of the project be managed, especially if delivered by different contractors?\nTIMETABLE\n•\tThe realistic overall duration of the project and indicative time needed for each of the three phases.\n•\tThe lead time required for participant recruitment, research approvals, data collection, analysis and reporting, and any seasonal or market factors that could affect delivery.\nADDITIONAL COMMENTS\n•\tAre there any other insights that you could provide?\nPRELIMINARY MARKET ENGAGEMENT PROCESS\nThe process comprises two parts (a) questionnaire for your completion and (b) A virtual market engagement session.\nIMPORTANT :- You must register your interest to procurement@frc.org.uk (no later than 5.00pm 14/09/2026) to receive the questionnaire / further details. \nCONDITIONS OF PARTICIPATION \nThe FRC welcomes participation from potential contractors with demonstrable experience, capacity and capability relevant to the proposed services. Contractors will be required to confirm their independence (in relation to the scope of this research) and declare any actual, potential or perceived conflicts of interest. Such matters may be taken into account as part of the procurement process, particularly where an entity tendering for this work is subject to direct or delegated regulation by the FRC." } ], "items": [ { "id": "1", "additionalClassifications": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": [ { "scheme": "CPV", "id": "73000000", "description": "Research and development services and related consultancy services" } ] } ], "deliveryAddresses": [ { "region": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "UK" } ], "country": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "GB" } ], "countryName": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "United Kingdom" } ] } ], "relatedLot": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "1" } ] } ], "mainProcurementCategory": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "services" } ], "aboveThreshold": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": false } ], "lots": [ { "id": "1", "contractPeriod": { "startDate": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "2027-01-07T00:00:00Z" } ], "endDate": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "2027-05-31T23:59:59+01:00" } ], "maxExtentDate": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "2027-12-31T23:59:59Z" } ] }, "hasRenewal": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": true } ], "status": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "planning" } ] } ], "status": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "planning" } ] }, "language": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": "en" } ], "extensions": [ { "releaseID": "082163-2026", "releaseDate": "2026-08-28T12:48:17+01:00", "releaseTag": [ "planning" ], "value": [ "https://standard.open-contracting.org/profiles/eu/latest/en/extension.json", "https://raw.githubusercontent.com/open-contracting-extensions/ocds_amendment_rationale_classifications_extension/master/extension.json", "https://raw.githubusercontent.com/open-contracting-extensions/ocds_budget_breakdown_extension/master/extension.json", "https://raw.githubusercontent.com/open-contracting-extensions/ocds_contract_completion_extension/master/extension.json", "https://raw.githubusercontent.com/open-contracting-extensions/ocds_documentation_extension/master/extension.json", "https://raw.githubusercontent.com/open-contracting-extensions/ocds_pagination_extension/master/extension.json", "https://raw.githubusercontent.com/open-contracting-extensions/ocds_suitability_extension/master/extension.json", "https://raw.githubusercontent.com/portaledcahn/ocds_Links_extension/main/extension.json", "https://raw.githubusercontent.com/cabinetoffice/ocds_uk_extension/main/extension.json" ] } ] } } ] }