Provision of Retirement Consultancy Services

{
  "id": "063572-2025",
  "tag": [
    "awardUpdate",
    "contractUpdate"
  ],
  "date": "2025-10-09T10:06:03+01:00",
  "ocid": "ocds-h6vhtk-05ab47",
  "buyer": {
    "id": "GB-FTS-163396",
    "name": "National Employment Savings Trust (NEST) "
  },
  "awards": [
    {
      "id": "063572-2025-TEN-2324-016-1",
      "title": "Retirement Consultancy Services",
      "status": "active",
      "suppliers": [
        {
          "id": "GB-FTS-163397",
          "name": "WTW (Towers Watson Limited)"
        },
        {
          "id": "GB-FTS-163398",
          "name": "Hymans Robertson LLP"
        }
      ],
      "relatedLots": [
        "1"
      ]
    }
  ],
  "tender": {
    "id": "TEN-2324-016",
    "lots": [
      {
        "id": "1",
        "description": "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.\nIn 2015 Nest set out a blueprint for a retirement income strategy which would fulfil these objectives following the introduction of the pension freedoms.\nOver 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.\nPlease 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.",
        "contractPeriod": {
          "durationInDays": 1440
        }
      }
    ],
    "items": [
      {
        "id": "1",
        "relatedLot": "1",
        "deliveryAddresses": [
          {
            "region": "UK"
          }
        ]
      }
    ],
    "title": "Provision of Retirement Consultancy Services",
    "legalBasis": {
      "id": "32014L0024",
      "scheme": "CELEX"
    },
    "classification": {
      "id": "66523000",
      "scheme": "CPV",
      "description": "Pension fund consultancy services"
    },
    "mainProcurementCategory": "services"
  },
  "parties": [
    {
      "id": "GB-FTS-163396",
      "name": "National Employment Savings Trust (NEST) ",
      "roles": [
        "buyer"
      ],
      "address": {
        "region": "UK",
        "locality": "London",
        "countryName": "United Kingdom",
        "streetAddress": "10 South Colonnade 1st floor"
      },
      "details": {
        "url": "http://www.nestpensions.org.uk"
      },
      "identifier": {
        "legalName": "National Employment Savings Trust (NEST) "
      },
      "contactPoint": {
        "email": "Procurement@nestcorporation.org.uk"
      }
    },
    {
      "id": "GB-FTS-163397",
      "name": "WTW (Towers Watson Limited)",
      "roles": [
        "supplier"
      ],
      "address": {
        "region": "UK",
        "locality": "Reigate",
        "countryName": "United Kingdom"
      },
      "details": {
        "scale": "large"
      },
      "identifier": {
        "legalName": "WTW (Towers Watson Limited)"
      }
    },
    {
      "id": "GB-FTS-163398",
      "name": "Hymans Robertson LLP",
      "roles": [
        "supplier"
      ],
      "address": {
        "region": "UK",
        "locality": "London",
        "countryName": "United Kingdom"
      },
      "details": {
        "scale": "large"
      },
      "identifier": {
        "legalName": "Hymans Robertson LLP"
      }
    },
    {
      "id": "GB-FTS-525",
      "name": "High Court",
      "roles": [
        "reviewBody"
      ],
      "address": {
        "locality": "London",
        "countryName": "United Kingdom"
      },
      "identifier": {
        "legalName": "High Court"
      }
    }
  ],
  "language": "en",
  "contracts": [
    {
      "id": "063572-2025-TEN-2324-016-1",
      "items": [
        {
          "id": "1",
          "relatedLot": "1",
          "classification": {
            "id": "66523000",
            "scheme": "CPV",
            "description": "Pension fund consultancy services"
          },
          "deliveryAddresses": [
            {
              "region": "UK"
            }
          ]
        }
      ],
      "title": "Retirement Consultancy Services",
      "value": {
        "amount": 1200000,
        "currency": "GBP"
      },
      "period": {
        "durationInDays": 1440
      },
      "status": "active",
      "awardID": "063572-2025-TEN-2324-016-1",
      "amendments": [
        {
          "id": "1",
          "rationale": "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.\nIt 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.\nThe additional work is expected to include consultancy support to:\nContinue to support Nest to explore the design and feasibility of a bulk deferred annuity investment\n• Actuarial advisory to support the design of internal modelling\n• Investment advisory, to support Nest to help its members manage key risks, inflation, sequencing, market, etc",
          "description": "Value of framework to be increase to cover for additional works."
        }
      ],
      "dateSigned": "2023-10-23T00:00:00+01:00"
    }
  ],
  "initiationType": "tender"
}