Section one: Contracting authority
one.1) Name and addresses
National Employment Savings Trust (NEST)
10 South Colonnade 1st floor
London
E14 4PU
procurement@nestcorporation.org.uk
Country
United Kingdom
Region code
UKI - London
Internet address(es)
Main address
one.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at
https://nesttenders.bravosolution.co.uk/
Additional information can be obtained from the above-mentioned address
Tenders or requests to participate must be submitted electronically via
https://nesttenders.bravosolution.co.uk/
Tenders or requests to participate must be submitted to the above-mentioned address
one.4) Type of the contracting authority
Body governed by public law
one.5) Main activity
Other activity
Pension Provider
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Provision of Fund Administration, Custody & Related Services
Reference number
TEN-2324-001
two.1.2) Main CPV code
- 66523100 - Pension fund administration services
two.1.3) Type of contract
Services
two.1.4) Short description
Nest's current investment custody and fund administration contract expires in October 2025. Nest is therefore undertaking a formal procurement process to consider the current offering in the market and how it services may evolve over the coming decade.
There are two types of services included – core functions and potential future 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
Potential future services are described in the procurement documents and are considerations about how we might invest differently in public and private markets over the coming decade.
two.1.5) Estimated total value
Value excluding VAT: £79,000,000
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.2) Additional CPV code(s)
- 66162000 - Custody services
two.2.3) Place of performance
NUTS codes
- UKI - London
two.2.4) Description of the procurement
Nest's current investment custody and fund administration contract expires in October 2025. Nest is therefore undertaking a formal procurement process to consider the current offering in the market and how it services may evolve over the coming decade.
There are two types of services included – core functions and potential future 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
Potential future services are described in the procurement documents and are considerations about how we might invest differently in public and private markets over the coming decade.
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.6) Estimated value
Value excluding VAT: £79,000,000
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
120
This contract is subject to renewal
Yes
Description of renewals
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).
two.2.9) Information about the limits on the number of candidates to be invited
Envisaged minimum number: 5
Objective criteria for choosing the limited number of candidates:
See procurement documents for criteria.
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: Yes
Description of options
Nest has the option to extend the contract by up to a further 60 months in total.
Please note, the total potential contract value as set out in this notice takes into account this potential 60 month extension.
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
two.2.14) Additional information
To access tender:
1. Visit https://nesttenders.bravosolution.co.uk/
2. Register onto the portal
3. Once registered, log on to the portal and, under "Procurement Tools" select "RFI/PQQs Open to All Suppliers"
4. Click on "Provision of Fund Administration, Custody and Related Services" opportunity
5. Under the "RFI/PQQ Details" tab select "Buyer Attachments" to see full ITN document pack.
Section three. Legal, economic, financial and technical information
three.1) Conditions for participation
three.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
List and brief description of conditions
See procurement documents for details.
three.1.2) Economic and financial standing
Selection criteria as stated in the procurement documents
three.1.3) Technical and professional ability
Selection criteria as stated in the procurement documents
three.2) Conditions related to the contract
three.2.2) Contract performance conditions
See procurement documents for details.
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Competitive procedure with negotiation
four.1.4) Information about reduction of the number of solutions or tenders during negotiation or dialogue
Recourse to staged procedure to gradually reduce the number of solutions to be discussed or tenders to be negotiated
four.1.5) Information about negotiation
The contracting authority reserves the right to award the contract on the basis of the initial tenders without conducting negotiations
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.2) Time limit for receipt of tenders or requests to participate
Date
24 August 2023
Local time
12:00pm
four.2.3) Estimated date of dispatch of invitations to tender or to participate to selected candidates
1 September 2023
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.2.6) Minimum time frame during which the tenderer must maintain the tender
Duration in months: 12 (from the date stated for receipt of tender)
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: Yes
Estimated timing for further notices to be published: 10 - 15 years
six.2) Information about electronic workflows
Electronic ordering will be used
Electronic invoicing will be accepted
Electronic payment will be used
six.3) Additional information
Nest does not bind itself to accept any tender and is not liable for any costs incurred by those expressing an interest or tendering for this opportunity.
six.4) Procedures for review
six.4.1) Review body
High Court
Royal Courts of Justice, The Strand
London
Country
United Kingdom
six.4.3) Review procedure
Precise information on deadline(s) for review procedures
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)