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PROCUREMENT OPPORTUNITY

Provision of Retirement Consultancy Services

National Employment Savings Trust (NEST) · compiled

Tender information last checkedLast checked 30 Sept 2026, 10:44.

Opportunity overview

Value of framework to be increase to cover for additional works.

Awarded to

Amounts belong to published awards or contracts. Where several suppliers share one value, it is labelled as shared and is not a supplier-specific allocation.

Hymans Robertson LLP

Matched by exact name
Shared contract value
£1.2m
Awarded
Not supplied
Contract signed
22 Oct 2023
Suppliers
One of 2 awarded suppliers
Award ID
063572-2025-TEN-2324-016-1
Status
active
Location
London, UK, United Kingdom
Shared contract value
£1.2m
Awarded
Not supplied
Contract signed
22 Oct 2023
Suppliers
One of 2 awarded suppliers
Award ID
063572-2025-TEN-2324-016-1
Status
active
Location
Reigate, UK, United Kingdom

Classification

  • CPV66523000 — Pension fund consultancy services

Lots

  • 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.Value not stated

Published notice details

Additional information from the published procurement release. Fields appear only when supplied by the source; check the original notice and tender documents before acting.

Scope, procedure and submissions

Id
TEN-2324-016
Main Procurement Category
services

Legal basis

Id
32014L0024
Scheme
CELEX

Classification

Id
66523000
Scheme
CPV
Description
Pension fund consultancy services

Lots and requirements

Entry 1
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. 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.

Contract period

Duration In Days
1,440

Items and delivery

Item 1
Id
1
Related Lot
1

Delivery locations

Entry 1
Region
UK

Buyer, suppliers and contacts

Organisation 1
Id
GB-FTS-163396
Name
National Employment Savings Trust (NEST) 

Roles

buyer

Address

Region
UK
Locality
London
Country Name
United Kingdom
Street Address
10 South Colonnade 1st floor

Details

Identifier

Legal Name
National Employment Savings Trust (NEST) 

Contact

Organisation 2
Id
GB-FTS-163397
Name
WTW (Towers Watson Limited)

Roles

supplier

Address

Region
UK
Locality
Reigate
Country Name
United Kingdom

Details

Scale
large

Identifier

Legal Name
WTW (Towers Watson Limited)
Organisation 3
Id
GB-FTS-163398
Name
Hymans Robertson LLP

Roles

supplier

Address

Region
UK
Locality
London
Country Name
United Kingdom

Details

Scale
large

Identifier

Legal Name
Hymans Robertson LLP
Organisation 4
Id
GB-FTS-525
Name
High Court

Roles

reviewBody

Address

Locality
London
Country Name
United Kingdom

Identifier

Legal Name
High Court

Award information

Award 1
Id
063572-2025-TEN-2324-016-1
Title
Retirement Consultancy Services
Status
active

Suppliers

Supplier 1
Id
GB-FTS-163397
Name
WTW (Towers Watson Limited)
Supplier 2
Id
GB-FTS-163398
Name
Hymans Robertson LLP

Related lots

1

Contracts and changes

Entry 1
Id
063572-2025-TEN-2324-016-1
Title
Retirement Consultancy Services
Status
active
Award ID
063572-2025-TEN-2324-016-1
Date Signed
23 Oct 2023, 00:00

Items

Item 1
Id
1
Related Lot
1

Classification

Id
66523000
Scheme
CPV
Description
Pension fund consultancy services

Delivery locations

Entry 1
Region
UK

Value

Amount
1,200,000
Currency
GBP

Period

Duration In Days
1,440

Amendments

Entry 1
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. 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
Description
Value of framework to be increase to cover for additional works.

Recorded locations

  • Buyer location · London · UK · United Kingdom
  • Delivery location · UK

Notice and amendment history

1 published notice version reviewed by ProcuraAxis.

1 VERSION
  1. ocds-h6vhtk-05ab47-2025-10-09T10:06:03+01:00compiled ·