02 November 2010
The National Employment Savings Trust (NEST) Corporation has
agreed a contract for fund administration services with State
Street Corporation.
The contract will be for ten years and will be in two stages.
The first stage ends in late November. NEST has said this has been
done so that it lines up with the decision to proceed with the
scheme administration contract.
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."
To view further information on NEST please visit the relevant
section on our website by clicking
here.
Or to visit the NEST website click here
