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PROCUREMENT OPPORTUNITY

Provision of Fund Administration, Custody and Related Services

National Employment Savings Trust (NEST) · compiled

Tender information last checkedLast checked 29 Sept 2026, 18:55.

Opportunity overview

This is a contract for the provision of fund administration, custody and related services. Core Services included within the scope of the contract: - Custodian services - Asset allocation and rebalancing services - Investment Performance measurement - Investment Compliance monitoring - Investment Tax services Additional services that may be included throughout the term of the contract include: - FX Overlay - Public and private market investments - Data management The contract is for an initial 10-year period with the option to extend up to an additional 5 years (15 years in total).

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.

Northern Trust Global Investments Limited

Match pending…
Shared contract value
£50m
Awarded
Not supplied
Contract signed
24 Apr 2024
Suppliers
One of 2 awarded suppliers
Award ID
015207-2024-TEN-2324-001-1
Status
active
Location
London, UKI, E14 5NT, United Kingdom

The Northern Trust Company (London Branch)

Match pending…
Shared contract value
£50m
Awarded
Not supplied
Contract signed
24 Apr 2024
Suppliers
One of 2 awarded suppliers
Award ID
015207-2024-TEN-2324-001-1
Status
active
Location
London, UKI, E14 5NT, United Kingdom

Northern Trust Global Investments Limited

Match pending…
Shared contract value
£50m
Awarded
Not supplied
Contract signed
24 Apr 2024
Suppliers
One of 2 awarded suppliers
Award ID
073617-2025-TEN-2324-001-1
Status
active
Location
London, UKI, United Kingdom

Northern Trust Global Investments Limited

Match pending…
Shared contract value
£50m
Awarded
Not supplied
Contract signed
24 Apr 2024
Suppliers
One of 2 awarded suppliers
Award ID
073617-2025-TEN-2324-001-1
Status
active
Location
London, UKI, United Kingdom

Classification

  • CPV66523100 — Pension fund administration services
  • CPV66162000 — Custody services

Lots

  • This is a contract for the provision of fund administration, custody and related services. Core Services included within the scope of the contract: - Custodian services - Asset allocation and rebalancing services - Investment Performance measurement - Investment Compliance monitoring - Investment Tax services Additional services that may be included throughout the term of the contract include: - FX Overlay - Public and private market investments - Data management The contract is for an initial 10-year period with the option to extend up to an additional 5 years (15 years in total).£79m

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
ocds-h6vhtk-03ea34
Status
complete
Has Recurrence
Yes
Review Details
The contracting authority will operate a minimum 10 calendar day standstill period at the point information on the award of the contract is communicated to tenderers to provide time for unsuccessful tenderers to challenge the award decision before the contract is entered into. Unsuccessful tenderers shall be notified by the contracting authority as soon as possible after the decision is made as to the reasons why they were unsuccessful. The Public Contracts Regulations 2015 provide that aggrieved parties who have been harmed, or are at risk of harm, by breach of the rules are to take action in the High Court (England, Wales and Northern Ireland)
Procurement Method
selective
Main Procurement Category
services
Procurement Method Details
Competitive procedure with negotiation

Covered By

GPA

Legal basis

Id
32014L0024
Scheme
CELEX

Recurrence

Description
10 - 15 years

Second Stage

Invitation Date
1 Sept 2023, 00:00
Successive Reduction
Yes
No Negotiation Necessary
Yes

Tender Period

Ends
24 Aug 2023, 12:00

Contract terms

Performance Terms
See procurement documents for details.
Has Electronic Payment
Yes
Has Electronic Ordering
Yes
Electronic Invoicing Policy
allowed

Classification

Id
66523100
Scheme
CPV
Description
Pension fund administration services

Submission terms

Languages

en

Bid Validity Period

Duration In Days
360

Submission Method

electronicSubmission
written

Selection criteria

Criteria

Criterion 1
Type
suitability
Description
See procurement documents for details.

Applies To

supplier

Lots and requirements

Entry 1
Id
1
Status
cancelled
Has Options
Yes
Has Renewal
Yes
Description
This is a contract for the provision of fund administration, custody and related services. Core Services included within the scope of the contract: - Custodian services - Asset allocation and rebalancing services - Investment Performance measurement - Investment Compliance monitoring - Investment Tax services Additional services that may be included throughout the term of the contract include: - FX Overlay - Public and private market investments - Data management The contract is for an initial 10-year period with the option to extend up to an additional 5 years (15 years in total).

Value

Amount
79,000,000
Currency
GBP

Options

Description
The contract has the option for the provision of related services including: Additional services that may be included throughout the term of the contract include: - FX Overlay - Public and private market investments - Data management

Renewal

Description
This is an ongoing requirement for Nest and, as of date of publication of this notice, it is anticipated that Nest will re-tender this opportunity upon contract expiry (and any contract extension(s) Nest chooses to enter into - see options section).

Second Stage

Minimum Candidates
5

Award criteria

Criteria

Criterion 1
Type
price

Contract period

Duration In Days
3,600

Submission terms

Variant Policy
notAllowed

Selection criteria

Description
See procurement documents for criteria.

Items and delivery

Item 1
Id
1
Related Lot
1

Delivery locations

Entry 1
Region
UKI
Entry 2
Region
UKI
Entry 3
Region
UKI

Additional Classifications

Entry 1
Id
66162000
Scheme
CPV
Description
Custody services

Published documents

Entry 1
Id
economic
Document Type
economicSelectionCriteria
Entry 2
Id
technical
Document Type
technicalSelectionCriteria

Buyer, suppliers and contacts

Organisation 1
Id
GB-FTS-4649
Name
National Employment Savings Trust (NEST) 

Roles

buyer

Address

Region
UKI
Locality
London
Postal Code
E14 4PU
Country Name
United Kingdom
Street Address
10 South Colonnade 1st floor

Details

Classifications

Entry 1
Id
BODY_PUBLIC
Scheme
TED_CA_TYPE
Description
Body governed by public law
Entry 2
Scheme
COFOG
Description
Pension Provider

Identifier

Legal Name
National Employment Savings Trust (NEST) 

Contact

Organisation 2
Id
GB-FTS-1471
Name
High Court

Roles

reviewBody

Address

Locality
London
Country Name
United Kingdom
Street Address
Royal Courts of Justice, The Strand

Identifier

Legal Name
High Court
Organisation 3
Id
GB-FTS-55258
Name
National Employment Savings Trust (NEST) 

Roles

buyer

Address

Region
UKI
Locality
London
Postal Code
E14 4PU
Country Name
United Kingdom
Street Address
10 South Colonnade

Details

Classifications

Entry 1
Id
BODY_PUBLIC
Scheme
TED_CA_TYPE
Description
Body governed by public law
Entry 2
Id
04
Scheme
COFOG
Description
Economic affairs

Identifier

Legal Name
National Employment Savings Trust (NEST) 

Contact

Organisation 4
Id
GB-FTS-113499
Name
The Northern Trust Company (London Branch)

Roles

supplier

Address

Region
UKI
Locality
London
Postal Code
E14 5NT
Country Name
United Kingdom
Street Address
50 Bank Street, Canary Wharf

Details

Scale
large

Identifier

Legal Name
The Northern Trust Company (London Branch)
Organisation 5
Id
GB-FTS-113500
Name
Northern Trust Global Investments Limited

Roles

supplier

Address

Region
UKI
Locality
London
Postal Code
E14 5NT
Country Name
United Kingdom
Street Address
50 Bank Street, Canary Wharf

Details

Scale
large

Identifier

Legal Name
Northern Trust Global Investments Limited
Organisation 6
Id
GB-FTS-163396
Name
National Employment Savings Trust (NEST) 

Roles

buyer

Address

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

Details

Identifier

Legal Name
National Employment Savings Trust (NEST) 

Contact

Organisation 7
Id
GB-FTS-166515
Name
Northern Trust Global Investments Limited

Roles

supplier

Address

Region
UKI
Locality
London
Country Name
United Kingdom
Street Address
50 Bank Street, Canary Wharf London E14 5NT

Details

Scale
large

Identifier

Legal Name
Northern Trust Global Investments Limited
Organisation 8
Id
GB-FTS-166516
Name
Northern Trust Global Investments Limited

Roles

supplier

Address

Region
UKI
Locality
London
Country Name
United Kingdom

Details

Scale
large

Identifier

Legal Name
Northern Trust Global Investments Limited
Organisation 9
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
015207-2024-TEN-2324-001-1
Title
Provision of Fund Administration, Custody and Related Services
Status
active

Suppliers

Supplier 1
Id
GB-FTS-113499
Name
The Northern Trust Company (London Branch)
Supplier 2
Id
GB-FTS-113500
Name
Northern Trust Global Investments Limited

Related lots

1
Award 2
Id
073617-2025-TEN-2324-001-1
Status
active

Suppliers

Supplier 1
Id
GB-FTS-166515
Name
Northern Trust Global Investments Limited
Supplier 2
Id
GB-FTS-166516
Name
Northern Trust Global Investments Limited

Related lots

1

Contracts and changes

Entry 1
Id
015207-2024-TEN-2324-001-1
Title
Provision of Fund Administration, Custody and Related Services
Status
active
Award ID
015207-2024-TEN-2324-001-1
Date Signed
25 Apr 2024, 00:00

Value

Amount
50,000,000
Currency
GBP
Entry 2
Id
073617-2025-TEN-2324-001-1
Status
active
Award ID
073617-2025-TEN-2324-001-1
Date Signed
25 Apr 2024, 00:00

Items

Item 1
Id
1
Related Lot
1

Classification

Id
66523100
Scheme
CPV
Description
Pension fund administration services

Delivery locations

Entry 1
Region
UKI

Value

Amount
50,000,000
Currency
GBP

Period

Duration In Days
3,600

Amendments

Entry 1
Id
1
Rationale
Need for additional works, services or supplies by the original contractor/concessionaire: We have developed our Target Operating Model in tandem with Northern Trust and their in-depth technical knowledge of our operations will mean that they can provide this service with significantly less disruption to BAU and we will make significant savings in Nest resource that would be used to negotiate contracts and bring new suppliers up to speed with Nest’s operations.
Description
Addition of Transition Management Services. This is an optional additional service and is on a non-exclusive basis.

Recorded locations

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

Notice and amendment history

1 published notice version reviewed by ProcuraAxis.

1 VERSION
  1. ocds-h6vhtk-03ea34-2025-11-13T15:06:11Zcompiled ·