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27 November 2010

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NEST confirms 10-year administration contract with Tata Consultancy Services

NEST Corporation, the trustee body of NEST (National Employment Savings Trust), announced today that it had confirmed its long-term contract for the administration of the pension scheme until 30 June 2020, with the option to extend for up to five years beyond then.

The contract covers all aspects of scheme administration, including web-based enrolment, record keeping, contribution collection and details of each individual's retirement pot.

Lawrence Churchill, Chair, NEST Corporation, said:

"This is the first of a series of announcements that NEST will make over the coming months, as we complete our preparations for accepting business from volunteer organisations from the second quarter of next year."

Tim Jones, Chief Executive, said:

"Key elements of NEST are falling into place as planned. We are appointing global leaders in their fields so NEST benefits from worldwide best practice and expertise."

Steve Webb, Minister for Pensions said:

"I welcome this contract as the next significant milestone for workplace pension reforms and automatic enrolment. We are on track for delivery of the reforms from 2012. NEST will offer access to a good quality workplace pension scheme to many people who would not otherwise have the opportunity to save for their retirement."

N. Chandrasekaran, Chief Executive Officer and Managing Director, Tata Consultancy Services

"TCS is delighted that the Government and NEST have chosen to move forward with the second stage of the Scheme Administration service contract which continues to build on the work already started in stage one.

TCS believes that this project will have a significant and positive effect on millions of people in the UK in helping them save for their future. We are fully committed to the project and believe that it will create real value for UK society and will deliver a world class product for its citizens."