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Provision of Fund Administration, Custody and Related Services

National Employment Savings Trust (NEST)

This public procurement record has 3 releases in its history.

AwardUpdate

13 Nov 2025 at 15:06

Award Notice
Award

13 May 2024 at 17:36

Award Notice
Tender

25 Jul 2023 at 16:45

Tender Notice
Summary of the contracting process

The National Employment Savings Trust (NEST) is overseeing a contract for the provision of fund administration, custody, and related services, focusing on pension fund administration within the UKI region. The procurement process is particularly relevant to the services industry, with Northern Trust Global Investments Limited awarded as the supplier. The contract, currently in its active stage after being updated on 13th November 2025, spans a period of 10 years with an option to extend by an additional 5 years. This procurement was executed through a competitive procedure with negotiation, aligning with the CELEX legal framework 32014L0024. Originally initiated to assess the evolving market offerings and foresee service advancements over the next decade, the process had its tender period ending on 24th August 2023 and was signed on 25th April 2024.

The offered contract presents substantial opportunities for businesses involved in custodial and fund administration services, especially those capable of delivering the outlined core services such as custodian and asset allocation services. Suppliers with a large scale, like Northern Trust, may find it lucrative, particularly if they are prepared to offer additional services like FX Overlay or data management solutions. The contract's scope, covering both immediate and potential future service requirements, suggests ongoing collaborations and business growth prospects over the extended contract period. Businesses well-versed in the competitive procedure with negotiation may be particularly well-suited to engage with such public tender opportunities.

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Notice Information

Notice Title

Provision of Fund Administration, Custody and Related Services

Notice 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).

Lot Information

Lot 1

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).

Options: 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: 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).

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-03ea34
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/073617-2025
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Competitive procedure with negotiation
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66162000 - Custody services

66523100 - Pension fund administration services

Notice Value(s)

Tender Value
£79,000,000 £10M-£100M
Lots Value
£79,000,000 £10M-£100M
Awards Value
Not specified
Contracts Value
£50,000,000 £10M-£100M

Notice Dates

Publication Date
13 Nov 20259 months ago
Submission Deadline
24 Aug 2023Expired
Future Notice Date
Not specified
Award Date
25 Apr 20242 years ago
Contract Period
Not specified - Not specified
Recurrence
10 - 15 years

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

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
Not specified
Postcode Area
Not specified
Country
Not specified
Major Region (ITL 1)
Not specified
Basic Region (ITL 2)
Not specified
Small Region (ITL 3)
Not specified
Delivery Location
TLI London
Local Authority
Not specified
Electoral Ward
Not specified
Westminster Constituency
Not specified

Supplier Information

Number of Suppliers
2
Supplier Names

Northern Trust Global Investments Limited

The Northern Trust Company (London Branch)

Further Information

Open Contracting Data Standard (OCDS)

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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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