Find a TenderAwarded

Published 25 Jul 2023, 16:45 BST

Official UK procurement notice

Provision of Fund Administration, Custody and Related Services

Official notice

Authority: National Employment Savings Trust (NEST) ·Consortium: 3 public authorities

ServicesCompetitive procedure with negotiation

Sectors: Financial and insurance services (66) Delivery: London (UKI)

Published estimate£79,000,000exc. VAT

Submissions closed 24 Aug 2023awarded 25 Apr 2024

Awarded to Northern Trust Global Investments Limited, The Northern Trust Company (London Branch)2 awards

What is being bought

Published requirement 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).

Recurrence: 10 - 15 years

CPV: Custody services · Pension fund administration services

The lotProcurement structure

single lot · value published

Lot #1AwardedRenewalPublished value£79,000,000

Delivery: London

Extensions: 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 · 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).Second stage: 5–null candidates invited to tenderVariant bids: not allowed

66162000 Custody services

What it takes to win
i
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).

Evaluation split and conditions of participation as published; the tender pack may add more

How bids were scored

Price

Conditions of participation1

Suitability
See procurement documents for details.

Successive reduction: Candidates will be reduced successively across stages

Procedure terms & legal framework

From the official record · publisher note attached

Procedure method: Competitive procedure with negotiation
Legal basis: CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
Procurement category: Services
Notice status: Awarded
Procurement threshold: Unspecified in notice
Regulatory regime: Standard
Commercial structure: Stand-alone contract (no framework)
Competition type: Competitive procedure
GPA / WTO covered: Yes (GPA)
Recurring procurement: Yes · 10 - 15 years
First published: 25 Jul 2023, 16:45 BST
Last source update: 13 Nov 2025, 15:06 GMT
FTS notice number: 2025/S 000-073617
Classification (CPV): Custody servicesPension fund administration services
Delivery area: London (UKI)
Official registry OCID: ocds-h6vhtk-03ea34 Find a Tender

Contract terms

Electronic trading: e-invoicing allowed · electronic ordering · electronic payment
Performance terms: See procurement documents for details.

Review and risk notes

Review procedure: 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)

Publisher note: 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.

How it was run

Official notice

Run through: Jaggaer · Who buys & how to bid on JAGGAER

Supplier login requiredLanguage: EN

Access & registration note: Free; latest Chrome/Edge/Firefox only — corporate browsers fail

Submission deadline: 24 Aug 2023, 12:00 BST
Submission channel: {"electronicSubmission","written"}
Accepted languages: en
Bid validity: 360 days from the deadline

Detailed submission instructions & authority contactsFrom official release

nesttenders.bravosolution.co.uk ↗

Timeline

24 Aug 2023 → 13 Nov 2025 · 3 dates

Submission deadline
24 Aug 2023, 12:00 BST
Invitations to tender expected
1 Sept 2023, 00:00 BST
Notice published343 days ago
13 Nov 2025, 15:06 GMT

Notice history

3 events · 3 releases on Find a Tender · since 13 May 2024

Status changed to complete
13 May 2024, 17:36 BST
Buyer details updated
13 May 2024, 17:36 BST
Buyer details updated
13 Nov 2025, 15:06 GMT

Commercial outcome & contract awards

Published awards, contracts and bid statistics, not a forecast

Awards 2

Awarded value £100,000,0002 contracts exc. VAT

Bids received 6

Contracts signed 2latest 25 Apr 2024

Awarded to	Value	Date	Status
Northern Trust Global Investments Limited, The Northern Trust Company (London Branch)joint award	£50,000,000 †	—	Awarded
Northern Trust Global Investments Limited	£50,000,000 †	—	Awarded

Contracts

Provision of Fund Administration, Custody and Related Services · Northern Trust Global Investments Limited, The Northern Trust Company (London Branch)
Signed
25 Apr 2024
Value
£50,000,000
Status
active
Contract 073617-2025-TEN-2324-001-1 · Northern Trust Global Investments Limited
Signed
25 Apr 2024
Value
£50,000,000
Status
active
- Change Addition of Transition Management Services. This is an optional additional service and is on a non-exclusive basis., Need for additional works, services or supplies by the original contractor/concessionaire: 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.

Bid statistics published by the authority

Bids	SME	VCSE	Valid bid range
6bids · 6 electronic	—	—	—

Contracting authority & participating public bodies

2 public bodies on the notice

National Employment Savings Trust (NEST)

Contracting authorityBody governed by public lawPension ProviderEconomic affairs 10 South Colonnade 1st floor, London, LondonContact email

Dispute resolution & review bodies

High CourtReview body London

Bidders & participating suppliers

4 commercial parties on the notice

Northern Trust Global Investments LimitedAwarded supplier 50 Bank Street, Canary Wharf, London, London, E14 5NT
Northern Trust Global Investments LimitedAwarded supplier 50 Bank Street, Canary Wharf London E14 5NT, London, London
Northern Trust Global Investments LimitedAwarded supplier London, London
The Northern Trust Company (London Branch)Awarded supplier 50 Bank Street, Canary Wharf, London, London, E14 5NT

Official documents & specifications (2)

Official links; attachments are not copied

Tender pack and attachments

Economic and financial selection criteriatenderEconomic and financial selection criteria
Technical selection criteriatenderTechnical selection criteria