TEN-2526-037 (PA2023) Retirement Consultancy Framework - LOT NO 3 CALL OFF NUMBER 1 (Willis Towers Watson)

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This Contract Award Notice was published previously, however, did not have the unique OCID number attached to it due to administrative errors.

This is a republishing of the Award Notice using today's date.

The Supplier will organise workshops, in 'sprint'-style format, to support Nest Invest to form views on design aspects or operational approaches for its retirement income blueprint, which include but are not limited to the following: 1.

Assessment of choice of CMA model, and support making any changes 2.

Income calibration sessions (setting initial income, high-level investment strategy, adjusting the income framework) 3.

Approach for early retirees (reducing volatility though income framework) 4.

Choice of comparator annuities 5.

Detailed decisions on co-horting (age-related simplifications and allowing for significant market movements, also related work on cross subsidies) 6.

Detailed investment strategy considerations 7.

Price-lock considerations with the insurer 8.

Governance of cohorts The supplier will also prepare pre-reading materials and papers documenting the outcomes of workshops, for subjects relating to the retirement income blueprint, including the subjects above.

The supplier will also carry out related relevant actions to support the design of the income distribution approach and associated modelling.