TEN-2425-042 Co-Design and Provision of a Bulk Deferred Annuity

{
  "buyer": {
    "id": "GB-PPON-PQGC-5667-VDDT",
    "name": "Nest Corporation"
  },
  "date": "2025-04-25T10:38:38+01:00",
  "id": "016950-2025",
  "initiationType": "tender",
  "language": "en",
  "ocid": "ocds-h6vhtk-05076b",
  "parties": [
    {
      "address": {
        "country": "GB",
        "countryName": "United Kingdom",
        "locality": "London",
        "postalCode": "E14 4PU",
        "region": "UKI42",
        "streetAddress": "10 South Colonnade"
      },
      "contactPoint": {
        "email": "procurement@nestcorporation.org.uk"
      },
      "details": {
        "classifications": [
          {
            "description": "Public authority - sub-central government",
            "id": "publicAuthoritySubCentralGovernment",
            "scheme": "UK_CA_TYPE"
          }
        ]
      },
      "id": "GB-PPON-PQGC-5667-VDDT",
      "identifier": {
        "id": "PQGC-5667-VDDT",
        "scheme": "GB-PPON"
      },
      "name": "Nest Corporation",
      "roles": [
        "buyer"
      ]
    }
  ],
  "tag": [
    "tender"
  ],
  "tender": {
    "aboveThreshold": true,
    "awardPeriod": {
      "endDate": "2025-06-09T23:59:59+01:00"
    },
    "coveredBy": [
      "GPA"
    ],
    "description": "Nest is seeking an insurer to partner with to develop a bulk deferred annuity. \nWe anticipate that the supplier appointed to partner with Nest for the co-design period would also be appointed to be the provider of the bulk annuity  to Nest for an exclusive period.",
    "documents": [
      {
        "description": "Not published",
        "documentType": "conflictOfInterest",
        "id": "conflictOfInterest"
      },
      {
        "accessDetails": "All documentation will be provided at the Invitation to Participate Stage. The ITP will be updated to an ITT following completion of the Invitation to Participate Stage and could be updated at the end of each stage if required. Any updated ITT\u0027s will be issued via the Bravo Portal.",
        "documentType": "biddingDocuments",
        "id": "future"
      },
      {
        "datePublished": "2025-04-25T10:38:38+01:00",
        "description": "Tender notice on Find a Tender",
        "documentType": "tenderNotice",
        "format": "text/html",
        "id": "016950-2025",
        "noticeType": "UK4",
        "url": "https://www.find-tender.service.gov.uk/Notice/016950-2025"
      }
    ],
    "enquiryPeriod": {
      "endDate": "2025-05-09T12:00:00+01:00"
    },
    "expressionOfInterestDeadline": "2025-05-27T17:00:00+01:00",
    "id": "ocds-h6vhtk-05076b",
    "items": [
      {
        "additionalClassifications": [
          {
            "description": "Pension investment services",
            "id": "66131100",
            "scheme": "CPV"
          }
        ],
        "deliveryAddresses": [
          {
            "country": "GB",
            "countryName": "United Kingdom",
            "region": "UK"
          }
        ],
        "id": "1",
        "relatedLot": "1"
      }
    ],
    "legalBasis": {
      "id": "2023/54",
      "scheme": "UKPGA",
      "uri": "https://www.legislation.gov.uk/ukpga/2023/54/contents"
    },
    "lots": [
      {
        "awardCriteria": {
          "criteria": [
            {
              "description": "Used for Stage 1 Invitation to Participate - Will be a Pass/Fail Scoring Citeria",
              "name": "Procurement Specific Questionnaire",
              "type": "quality"
            },
            {
              "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria",
              "name": "Strategic Alignment",
              "type": "quality"
            },
            {
              "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria",
              "name": "Strategic Partnership",
              "type": "quality"
            },
            {
              "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria",
              "name": "Co-design requirements: resourcing and delivery approach",
              "type": "quality"
            },
            {
              "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria",
              "name": "Co-design requirements: innovation and product development capability",
              "type": "quality"
            },
            {
              "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria - Will be a Pass/Fail Scoring Citeria for this question",
              "name": "Co-design requirements: pricing data and insight",
              "type": "quality"
            },
            {
              "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria",
              "name": "Ability to deliver the requirements of the bulk deferred annuity",
              "type": "quality"
            },
            {
              "description": "Stage 2 Initial Tenders Shortlisting Evaluation Criteria - Will be a Pass/Fail Scoring Citeria for this question",
              "name": "Ability to deliver the requirements of the bulk deferred annuity pricing data",
              "type": "quality"
            },
            {
              "description": "Stage 4 Final Tenders Award Evaluation Criteria",
              "name": "Strategic Alignment",
              "type": "quality"
            },
            {
              "description": "Stage 4 Final Tenders Award Evaluation Criteria",
              "name": "Strategic Partnership",
              "type": "quality"
            },
            {
              "description": "Stage 4 Final Tenders Award Evaluation Criteria",
              "name": "Co-design requirements: resourcing and delivery approach",
              "type": "quality"
            },
            {
              "description": "Stage 4 Final Tenders Award Evaluation Criteria",
              "name": "Co-design requirements: innovation and product development capability",
              "type": "quality"
            },
            {
              "description": "Stage 4 Final Tenders Award Evaluation Criteria",
              "name": "Ability to deliver the requirements of the bulk deferred annuity",
              "type": "quality"
            }
          ],
          "weightingDescription": "Each stage will be scored from 100%, please refer to the ITT docuements for the breakdown of the weighted scoring for each section. Please note some questions will be a straight pass or fail."
        },
        "contractPeriod": {
          "endDate": "2036-01-28T23:59:59+00:00",
          "maxExtentDate": "2038-01-28T23:59:59+00:00",
          "startDate": "2026-01-29T00:00:00+00:00"
        },
        "hasRenewal": true,
        "id": "1",
        "renewal": {
          "description": "2 year extension in 1 year intervals"
        },
        "selectionCriteria": {
          "criteria": [
            {
              "description": "No",
              "forReduction": true
            }
          ]
        },
        "status": "active",
        "value": {
          "amountGross": 0,
          "currency": "GBP"
        }
      }
    ],
    "mainProcurementCategory": "services",
    "procedure": {
      "features": "Nest is conducting the procurement in accordance with the Procurement Act 2023 under the Competitive Flexible Procedure comprising a Participation Stage followed by the issue of an Invitation to Tender to shortlisted bidders. This will be followed by a dialogue stage, then an Invitation to Submit Final Tenders. At each stage Nest can reduce the number of bidders if required. Once the preferred bidder has been selected, Nest will enter into contract negotiations with the preferred bidder and upon completion will award the contract. The stages are listed below, please refer to the tender documentation for details of the indicative dates for each stage.\nStage 1: Participation Stage\nStage 2: Initial Tenders\nStage 3:  Dialogue\nStage 4: Final Tenders\nStage 5: Contract Negotiations\nStage 6: Contract Award"
    },
    "procurementMethod": "selective",
    "procurementMethodDetails": "Competitive flexible procedure",
    "riskDetails": "It is not known how long the full term of the contract will be. The length of the co-design process to develop the bulk deferred annuity (Part A of the contract) and when the first transaction for a bulk deferred annuity will begin will be subject to discussions with the insurer, and the length of time to fulfil the exclusivity period will depend on member behaviour and asset flows (Part 2 of the contract).  \nThe co-design process or policy/legislative change may also uncover additional requirements that could require a scope change. \nIf these risks crystallize: \n\u2022   the contract may need to be extended beyond the original duration of 12 years plus the 2 year extension period. \n\u2022   the scope of requirements may need to change to include areas uncovered as part of co-design and/or policy/legislative change. \n\u2022   we do not know what the potential value to the supplier of the contract will be",
    "status": "active",
    "submissionMethodDetails": "https://nesttenders.bravosolution.co.uk/",
    "submissionTerms": {
      "electronicSubmissionPolicy": "allowed",
      "languages": [
        "en"
      ]
    },
    "title": "TEN-2425-042 Co-Design and Provision of a Bulk Deferred Annuity",
    "value": {
      "amountGross": 0,
      "currency": "GBP"
    }
  }
}