Tender

Nest Scheme Banking Services

NATIONAL EMPLOYMENT SAVINGS TRUST (NEST)

This public procurement record has 1 release in its history.

Tender

22 Feb 2024 at 10:30

Tender Notice
Summary of the contracting process

The National Employment Savings Trust (NEST) is seeking to procure a new banking contract for the Nest Scheme. The tender, titled "Nest Scheme Banking Services", aims to manage members' contributions, provide pension pot valuations, and facilitate benefit payments. The procurement, classified under banking services, has a value of £2,000,000 and follows an open procedure above the threshold. The tender period ends on 28th March 2024, with a contract period starting on 31st July 2024 and ending on 30th July 2037. The buying organisation, NEST, is located in London, United Kingdom.

This tender presents an opportunity for businesses in the banking industry to secure a lucrative contract with NEST. Companies well-versed in providing banking services and handling financial transactions would be well-suited for this competition. The procurement process is currently in the tender stage, offering businesses a chance to demonstrate their expertise in managing pension funds and providing financial services. The contract duration until 2037 provides a stable revenue stream for the successful bidder, making it an attractive opportunity for businesses looking to grow within the financial services sector.

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Notice Information

Notice Title

Nest Scheme Banking Services

Notice Description

This ITT is to procure a new banking contract for the National Employment Savings Trust (Nest) Scheme, which is used for managing members contributions into the scheme, providing valuations of member's pension pots within the scheme, and paying member's benefits out of the scheme (including the transfer of funds into and out of member's other pension pots).

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-7c637acb-5447-44ef-871d-a570ca8a12d6
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/f6ca376b-0f4b-482d-ba1d-0815694eca53
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (above threshold)
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66110000 - Banking services

Notice Value(s)

Tender Value
£2,000,000 £1M-£10M
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
22 Feb 20242 years ago
Submission Deadline
28 Mar 2024Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
30 Jul 2024 - 30 Jul 2037 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
NATIONAL EMPLOYMENT SAVINGS TRUST (NEST)
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
E14 4PU
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
TLI London
Local Authority
Tower Hamlets
Electoral Ward
Canary Wharf
Westminster Constituency
Poplar and Limehouse

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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