Provision of Nest Scheme Administration Services

Contract summary

Industry

• Financial and insurance services - 66000000

Location of contract

Any region

Value of contract

£1,500,000,000

Procurement reference

tender_171512/930478

Published date

10 March 2021

Closing date

2 February 2021

Closing time

5pm

Contract start date

3 February 2021

Contract end date

2 February 2031

Contract type

Service contract

Procedure type

Competitive dialogue (above threshold)

Contract is suitable for SMEs?

No

Contract is suitable for VCSEs?

No

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Description

The Authority has procured a fully outsourced service 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.

As a financial services organisation with public body status, the Authority adheres to public procurement regulations. Therefore, the Authority conducted this procurement in accordance with the rules laid out in the Public Contracts Regulations 2015.

The Authority developed a set of Critical Success Factors (CSFs) which are aligned with its strategic objectives. The CSFs underpinned the procurement programme and will help the Authority to achieve its future vision and are as follows:
- managing our risks: the continued success of Nest must have trust at its core. Our customers need to trust that we can effectively look after their data and assets. It is vital that we can manage a smooth transition into our new scheme administration service and that once we are live, that service is robust and secure,
- enabling a commercially sustainable Nest: we are ultimately funded by our members. Our new service must be delivered in a commercially efficient way that seeks to align our commercial interests, supports the long-term financial forecasts for the scheme and enables opportunities to maintain and grow sustainable revenue streams,
- securing value for money: we need to scope our services to fit the needs of our customers and deliver value for money over the life of the services including exit. We must run a competitive and legally compliant procurement,
- improving customer outcomes: our vision is to help millions enjoy a better retirement. Our new scheme administration services must focus on how advances in technology and deep data analytics ensure a joined up approach to continuous improvement and excellence in customer service. This is so that we can help all of our customers to make the right choices and drive better outcomes,
- delivering services consistent with our values and capabilities: Nest is underpinned by the values of transparency, ease, empowerment and respect. We want our future services to develop in alignment with these and work with a partner that understands "what makes Nest, Nest" and can provide expertise that complements the capabilities that already sit within our organisation.

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More information

Previous notice about this procurement

Provision of Nest Scheme Administration Services

• Opportunity
• Published 13 May 2019

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Award information

Awarded date

3 February 2021

Contract start date

3 February 2021

Contract end date

2 February 2031

Total value of contract

£1,500,000,000

This contract was awarded to 1 supplier.

Atos BPS Limited

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About the buyer

Address

1st Floor, 10 S Colonnade, Canary Wharf
London
E14 4PU
England

Email

FSIP.PDO@nestcorporation.org.uk

Website

http://www.nesttenders.bravosolution.co.uk/