NEST has brought together global leaders in their fields to provide services. This means we have the right infrastructure and processes in place to ensure NEST works well for employers and members.
All our contracts are awarded following fair and open competition, and in accordance with European Union procurement processes as necessary.
Scheme administration for NEST is delivered by Tata Consultancy Services (TCS).
TCS has an excellent track record in pension administration and IT. It has more than 30 years’ experience in the UK insurance sector with 90 insurance clients including the top 7 UK insurers. Its UK subsidiary, Diligenta, provides services to the UK life and pensions market and administers more than 3.5 million policies.
TCS signed the scheme administration contract in March 2010. The contract is for 10 years, with possible extensions of up to five years.
NEST’s fund administration partner is State Street Corporation.
State Street Corporation operates in 25 countries around the world.
The fund administration contract was signed in November 2010 for 10 years, with a possible extension of up to five years.
NEST announced its panel of retirement income providers in June 2011.
NEST’s members can choose to buy a retirement income from the panel or shop around on the open market.
The providers on the panel are:
The contracts run for 10 years.