Financial and insurance services

Tender description

NEST is a great UK delivery success story. Established in 2010 to support the introduction of automatic enrolment, we have a Public service obligation (PSO) to support any employer wishing to use the scheme to discharge their automatic enrolment duties. From a standing start, we delivered a high quality, low cost pension scheme open to all which has delivered on its mission and helped to drive up standards and best practice across the industry. Now with over 6 000 000 members, over 600 000 employers, and more than 2 000 000 000 GBP Assets Under Management, NEST is playing a critical role in helping people save for their retirement. Many of them are low to moderate earners, who may be saving for the first time, and moving jobs frequently. Our first challenge, to take on thousands of employers as they enrolled their employees, is complete. Our vision is to help millions enjoy a better retirement and we want to do everything we can to help them achieve the best retirement outcomes they can. The requirements will include the provision of services needed to support the NEST scheme administration. Currently we have over 6 000 000 members and over 600 000 employers. At the expiry of our current contract in 2023 the member numbers are expected to have increased to approximately 12 000 000 and employer numbers remain at approximately 600 000 with annual churn. The scheme administration is expected to include a range of functional business processes including (but not limited to): — employer participation, — member enrolment, — contribution administration, — employer administration, — member administration, — accessing pension savings, — administration of tax relief, — complaints, — life events management. We anticipate these functional business processes to be supported by the following (but not limited to): — financial transaction services, — management information services, — identity verification services, — behavioural analysis and transactional monitoring services, — case and workflow management, — interfaces with fund administrator services, — user account services, — content management services, — channel services, — operational communication services, — strategic communication services, — security services, — change management services, — governance services. We have provided further detail within our Procurement Discussion Note, please see the additional information section for details on how this can be accessed. (VI.3).