National Employment Savings Trust, London, selected Atos as its administrator, a spokeswoman confirmed.
Atos will provide technology-based services to the U.K. multiemployer defined contribution plan to help NEST deliver a customized approach to participants. NEST has £15 billion ($20.6 billion) in assets and 9.7 million participants.
The new contract is to start in 2023 and last for a minimum of 10 years. NEST will have an option to extend the contract for five years. The maximum contract may be followed by a three-year exit period, during which NEST will have time to transition to a new contract.
"Following a very competitive procurement I am pleased to confirm we have awarded the next contract for our scheme administration service to Atos. Our aim was to find a supplier that will support our ambitions to continue to expand the scheme for an increasingly digital world, improve our service to customers and harness advances in technology to further increase efficiency while reducing costs," Otto Thoresen, chairman of NEST Corp., said in the release.
"We are confident the new contract will deliver significant benefits to our customers whilst allowing us to keep costs low and ensuring our service continues to be robust and secure," he added.
An RFP was issued in May 2019. NEST's contract with its current provider, Tata Consultancy Services, expires in 2023. TCS was eligible to rebid.
Six bidders were shortlisted from 12 based on an evaluation of financial strength, previous experience in establishing and running similar services, and in managing large scale transition and migrations, the spokeswoman said.