Official UK procurement notice
Provision of Retirement Consultancy Services
Authority: National Employment Savings Trust (NEST)
What is being bought
Published requirement descriptionNo description was published on the notice. See the official documents.
CPV: Pension fund consultancy services
The lotProcurement structure
single lot · no lot value publishedLot #1Since 2015, one of the principal challenges for the pensions industry in the UK has…
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.
Procedure terms & legal framework
From the official record- Legal basis
- CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
- Procurement category
- Services
- Notice status
- Awarded
- Procurement threshold
- Unspecified in notice
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Competitive procedure
- GPA / WTO covered
- Unspecified in notice
- Recurring procurement
- Unspecified in notice
- First published
- 9 Oct 2025, 10:06 BST
- Last source update
- 9 Oct 2025, 10:06 BST
- Authority reference
TEN-2324-016- FTS notice number
2025/S 000-063572- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-05ab47Find a Tender
Commercial outcome & contract awards
Published awards, contracts and bid statistics, not a forecast| Awarded to | Value | Date | Status |
|---|---|---|---|
| Hymans Robertson, WTW (Towers Watson Limited)joint awardRetirement Consultancy Services | £1,200,000 † | — | Awarded |
Contracts
Retirement Consultancy Services · Hymans Robertson, WTW (Towers Watson Limited)
- Signed
- 23 Oct 2023
- Value
- £1,200,000
- Status
- active
- Change Value of framework to be increase to cover for additional works., Need for additional works, services or supplies by the original contractor/concessionaire: 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
Contracting authority & participating public bodies
Dispute resolution & review bodies
- High CourtReview body
Bidders & participating suppliers
2 commercial parties on the notice- Hymans Robertson LLPAwarded supplier
- WTW (Towers Watson Limited)Awarded supplier
Official documents & specifications
Official links; attachments are not copiedNo document links were published on the notice.