Award

Scheme administration services contract

NATIONAL EMPLOYMENT SAVINGS TRUST (NEST) CORPORATION

This public procurement record has 1 release in its history.

Award

21 Jun 2023 at 11:01

Award Notice
Summary of the contracting process

The National Employment Savings Trust (NEST) Corporation has recently awarded Tata Consultancy Services (TCS) a contract for scheme administration services for the defined contribution pension scheme. The contract, valued at £1.5 billion GBP, will last for a minimum of 10 years with potential extensions. It was awarded via a Negotiated procedure without prior publication. The contract was signed on 21/06/23, and the tender had a closing date of 25/05/23. The procurement falls under the Financial and insurance services category.

This tender presents significant business opportunities for enterprises capable of providing administration services for pension schemes in the financial sector. Businesses with experience in digital channels and expertise in long-term contract management may find this opportunity particularly suitable. NEST Corporation's decision to award the contract directly to TCS without a competitive call implies a specific technical need for their services, potentially limiting competition among other suppliers in the market.

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Notice Information

Notice Title

Scheme administration services contract

Notice Description

The Authority has awarded a contract to Tata Consultancy Services (TCS) for the build, delivery and operation of administration services for the defined contribution pension scheme known as the National Employment Savings Trust. The administration services will support auto-enrolment and be delivered primarily via digital channels. The contract will be for a minimum term of 10 years, with an optional extension period of up to 5 years, and the option of an additional period of up to 3 years for exit. The total contract value is indicative and covers this potential 18 year period. The Authority considers that competition is absent for technical reasons and so has awarded the contract to TCS without publishing a prior call for competition. The Authority and TCS entered into the contract on 21/06/23.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-cd420747-0b1c-40d6-b53c-b2f1527ea6a4
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/8bb4718f-c70a-47a6-8361-cf1ee254bfc3
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Limited
Procurement Method Details
Negotiated procedure without prior publication (above threshold)
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
£1,500,000,000 £1B-£10B
Lots Value
Not specified
Awards Value
£1,500,000,000 £1B-£10B
Contracts Value
Not specified

Notice Dates

Publication Date
21 Jun 20232 years ago
Submission Deadline
25 May 2023Expired
Future Notice Date
Not specified
Award Date
24 May 20232 years ago
Contract Period
20 Jun 2023 - 20 Jun 2033 Over 5 years
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
NATIONAL EMPLOYMENT SAVINGS TRUST (NEST) CORPORATION
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
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Canary Wharf
Westminster Constituency
Poplar and Limehouse

Supplier Information

Number of Suppliers
1
Supplier Name

TATA CONSULTANCY SERVICES

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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