16 November 2010
The NEST Corporation has confirmed that State Street Corporation
and Tata Consultancy Services will provide administration services
to the national savings scheme.
State Street Corporation has agreed a contract with the NEST
Corporation to provide fund administration services until 24
October 2020 with an option to extend this for a further five
years.
Tata Consultancy Services have agreed a contract with the NEST
Corporation to provide administration services until June 2020 with
an option to extend this for a further five years.
The Pensions Minister, Steve Webb 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."
Tim Jones, chief executive of Nest said:
"I'm delighted State Street Corporation is partnering with Nest.
State Street Corporation has a considerable international track
record and it is exciting to have them on board. Nest is bringing
together State Street Corporation and other global leaders to
deliver a great product."
For further information on NEST you can visit the NEST
Corporation website by clicking here or the information held on our
website here.
