TEN-2526-037 (PA2023) Retirement Consultancy Framework

• Value: £3M

a. DC decumulation pensions market capability, expertise in UK market for DC pension provision, specifically in decumulation, and the latest policy, regulatory and industry developments. b. Capability in UK decumulation pension scheme design that enables the pooling of longevity and other risks, in a money purchase or other legislative/regulatory context. c. Decumulation product design - capability in all stages of decumulation product design, from user research, to translating member needs into design principles, detailed product design, and implementation.

• Value: £3M

a. Actuarial expertise and advisory services on longevity risk transfer mechanisms for defined contribution schemes, including buy-ins, buy-outs, and longevity swaps - encompassing pricing analysis, structuring, transaction execution, investment considerations, and ongoing governance and administration. b. Experience of developing approaches to longevity risk transfer for defined contribution schemes.

• Value: £3M

a. Longevity modelling and actuarial capability, insight into longevity trends and developments, particularly in the context of the population of pension savers under auto enrolment. b. Capability in developing actuarial modelling for decumulation solutions. Knowledge and understanding of appropriate capital market assumptions and longevity trends for decumulation. c. Experience of designing decision frameworks and governance approaches to support Trustees in setting and maintaining income levels in decumulation.

• Value: £3M

a. Competency in crafting intuitive member journeys and clear communication strategies that drive positive retirement outcomes. b. Expertise in applying user experience methodologies and date led design. c. Proficiency in applying behavioural science techniques and develop evidence-based communication strategies that guide informed retirement decisions.