Workplace pension provider Nest is inviting bids from companies to deliver its future scheme administration services after its contract with Tata Consultancy Services, the current scheme administrator, concludes in 2023.
Nest anticipates the contract to be for a minimum term of 10 years, with an optional extension period of up to five years, and the option of an additional period of up to three years for exit.
Nest launched as the provider of the government's auto-enrolment initiative in 2011 and currently has 8m members and more than £6bn in assets under management.
Helen Dean, Nest’s chief executive officer, said: "At Nest we are very proud of what we have accomplished since the start of auto-enrolment in 2012.
"With the end of staging and phasing, we are now looking to the future for the scheme and the service we provide to our customers.
"The savings sector, technology and customer expectations have evolved significantly over the past decade and this procurement presents an exciting opportunity for Nest to set the course for our service for the next decade."
The process is open to all eligible bidders and is being undertaken using public procurement regulations.