Who won: TEN-2526-037 (PA2023) Retirement Consultancy Framework - Lot No 2, Call-Off No 1

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May: Preparation and attendance at regular project calls. Reviewing the project plan and work to develop the project plan for Co-design Cycle 2. Production of a decisions log to record the agreed design structure Work in respect of the annuity transfer value design, including: Preparation for and attendance at the meeting on 12 May to discuss Rothesay's initial analysis Preparation of paper "Review of Rothesay's transfer value analysis" dated May 2026 Preparation for and attendance at the meeting on 29 May to discuss and agree the annuity transfer value design Initiating the Value for Money workstream, including outlining potential elements of the Value for Money process for Rothesay's review Further work in respect of the approach to managing different annuity rates, including liaising with Rothesay in respect of sample annuity pricing. June: Further analysis and advice in relation to allowing for different characteristics in member incomes & managing different annuity rates, including a workshop on 18 June and updating decision log Liaising with Nest & Rothesay in respect of assessing the Value for Money of annuity pricing Reviewing the bulk annuity umbrella terms Reviewing and

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