NEST awards fund administration contract to State Street Corporation

NEST Corporation today announced that it has awarded the contract for fund administration services to State Street Corporation.

Tim Jones, Chief Executive said:

"We are delighted to have this contract in place. It was a strong competition, and we are now well placed to deliver a first-rate service at low cost to members. State Street Corporation has 30 years of experience in the UK and an impressive track record in fund administration."

Joe Antonellis, Vice Chairman, State Street Corporation commented:

"We are extremely honoured to enter into this long term partnership with NEST and highly value their confidence in us. We look forward to supporting all aspects of their investment servicing requirements as they continue to shape the future structure of DC pensions in both the UK and elsewhere."

Key facts about the contract

We have signed a contract in two stages. The first stage of the contract runs to late November. This ensures it "joins up" with the decision to proceed with the scheme administration contract (TCS). NEST Corporation is confident TCS is the right supplier to deliver scheme administration services for NEST. However the NEST Trustees, in partnership with Government, will make the formal decision in November. The main fund administration contract is for 10 years. State Street Corporation will be providing end-to-end fund administration and custody services to NEST.

Investment fund mandates - note to editors

NEST Corporation this week expects to advertise to appoint fund managers for a range of investment mandates. The adverts are due to appear in the Official Journal of the European Union.