Section one: Contracting authority/entity
one.1) Name and addresses
National Employment Savings Trust (NEST)
10 South Colonnade 1st floor
London
procurement@nestcorporation.org.uk
Country
United Kingdom
Region code
UKI - London
Internet address(es)
Main address
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Provision of Fund Administration, Custody and Related Services
two.1.2) Main CPV code
- 66523100 - Pension fund administration services
two.1.3) Type of contract
Services
two.2) Description
two.2.3) Place of performance
NUTS codes
- UKI - London
two.2.4) Description of the procurement at the time of conclusion of the contract:
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).
two.2.7) Duration of the contract, framework agreement, dynamic purchasing system or concession
Duration in months
120
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
Section four. Procedure
four.2) Administrative information
four.2.1) Contract award notice concerning this contract
Notice number: 2024/S 000-015207
Section five. Award of contract/concession
Contract No
TEN-2324-001
five.2) Award of contract/concession
five.2.1) Date of conclusion of the contract/concession award decision:
25 April 2024
five.2.2) Information about tenders
The contract/concession has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor/concessionaire
Northern Trust Global Investments Limited
50 Bank Street, Canary Wharf London E14 5NT
London
Country
United Kingdom
NUTS code
- UKI - London
The contractor/concessionaire is an SME
No
five.2.4) Information on value of the contract/lot/concession (at the time of conclusion of the contract;excluding VAT)
Total value of the procurement: £50,000,000
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
High Court
London
Country
United Kingdom
Section seven: Modifications to the contract/concession
seven.1) Description of the procurement after the modifications
seven.1.1) Main CPV code
- 66523100 - Pension fund administration services
seven.1.3) Place of performance
NUTS code
- UKI - London
seven.1.4) Description of the procurement:
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).
seven.1.5) Duration of the contract, framework agreement, dynamic purchasing system or concession
Duration in months
120
seven.1.6) Information on value of the contract/lot/concession (excluding VAT)
Total value of the contract/lot/concession:
£50,000,000
seven.1.7) Name and address of the contractor/concessionaire
Northern Trust Global Investments Limited
London
Country
United Kingdom
NUTS code
- UKI - London
The contractor/concessionaire is an SME
No
seven.2) Information about modifications
seven.2.1) Description of the modifications
Nature and extent of the modifications (with indication of possible earlier changes to the contract):
Addition of Transition Management Services. This is an optional additional service and is on a non-exclusive basis.
seven.2.2) Reasons for modification
Need for additional works, services or supplies by the original contractor/concessionaire.
Description of the economic or technical reasons and the inconvenience or duplication of cost preventing a change of contractor:
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.
seven.2.3) Increase in price
Updated total contract value before the modifications (taking into account possible earlier contract modifications, price adaptions and average inflation)
Value excluding VAT: £50,000,000
Total contract value after the modifications
Value excluding VAT: £50,000,000