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Global Custody Services Framework

The National LGPS Framework for Global Custody Services launched in 2021, providing access to invaluable Custodian services for the LGPS. This Framework uniquely includes a pre-scored element when running a Further Competition, giving users even greater flexibility.

Overview

The Global Custody Services Framework has been extended by a further year, and is now available until February 2026. Contracts awarded under the Framework can be let for a maximum total duration of ten years but must end no later than 8 February 2035. Please remember if you are using a Framework, your contract award must be completed by the expiry date of the Framework (although contracts let under the Framework can be for longer periods).

Providers

Providers on the Framework are:

  • Bank of New York Mellon
  • Caceis Investor Services
  • HSBC Bank plc
  • Northern Trust
  • State Street

FAQs

The Public Contracts Regulations (PCR) 2015 apply to the Global Custody Services Framework, including all call-off contracts let via it.

You will need to pay a joining fee to use this Framework. The National LGPS Frameworks are a not-for-profit programme established 'by the LGPS, for the LGPS', and the joining fee helps towards the ongoing support and administration of this Framework.

The joining fee for the Global Custody Services Framework is £8,000.

There is no charge to view the documents before you make your decision on whether or not you wish to use the Framework.

The Framework may be used by:

  • Any LGPS Administering Authorities as defined in the Local Government Pension Scheme Regulations 2013 (SI 2013/2356) (as amended) including the Firefighters’ Pension Scheme and Police Pension Schemes and any of their participating Employing Authorities, or in relation to the LGPS in Scotland, any Administering Authority and any of their Scheme employers as defined in the Local Government Pension Scheme (Scotland) Regulations 2018 (SSI 2018/141) (as amended);
  • NILGOSC in Northern Ireland and Employing Authorities as defined in the Local Government Pension Scheme Regulations (Northern Ireland) 2014 (SRNI 2014/188) (as amended)
  • The Board of the Pension Protection Fund; (http://www.pensionprotectionfund.org.uk)
  • Any other Administering Authority or organisation of a Public Sector Pension Scheme or any Public Sector body or that requires pension related services;
  • Any common asset pool or collective investment vehicle established by or on behalf of an Administering Authority or group of Administering Authorities; or
  • Any bodies, organisations or companies established by them for the purpose of operating on a collective basis.

The Global Custody Services Framework is available until February 2026.

Please remember if you are using a Framework, your contract award must be completed by the expiry date of the Framework (although contracts let under the Framework can be for longer periods).

Contracts awarded under the Framework can be let for a maximum total duration of ten years but must end no later than 8 February 2035.

The Global Custody Services Framework requires that you run a Further Competition. There is no option for Direct Award.

Procurement can take significant time and money both for the awarding Authority and the Service Provider. The National LGPS Framework is fully compliant with the Public Contracts Regulations 2015. It reduces the time and costs associated with the procurement process by offering a facility that has already been competitively tendered. It aims to deliver access at the best possible price to high-quality, efficient and effective Global Custody Services Providers. Benefits include:

  • Shortened timescales
  • Reduced procurement and legal costs
  • Robust and transparent process with high level of due diligence and specialist support
  • Agreed Terms and Conditions of contract with providers
  • Enable access to specialist providers whose experience and quality has been tested
  • Comprehensive user documentation and support from Frameworks team
  • Provider ceiling prices established
  • Possibility to benefit from cumulative rebates

The following organisations worked together to establish this Framework, supported by the National LGPS Frameworks team, and procurement and legal specialists from Norfolk County Council:

  • Norfolk County Council
  • Cambridgeshire County Council (as Administering Authority of the Cambridgeshire Pension Fund)
  • The City of Edinburgh Council (as Administering Authority of the Lothian Pension Fund)
  • Essex County Council (as Administering Authority of the Essex Pension Fund)
  • Hampshire County Council, Hertfordshire County Council (as Administering Authority of the Hertfordshire Pension Fund)
  • Northamptonshire County Council (As Administering Authority of the Northamptonshire Pension Fund)
  • Suffolk County Council (as Administering Authority of the Suffolk Pension Fund)
  • Wolverhampton City Council (as Administering Authority of the West Midlands Pension Fund)

Additional Resources

Access to Framework Documents - Global Custody

This page provides key details on how to access all the documentation for the Global Custody Services Framework.

Additional Documents

This page provides the Specification of Requirements for the Global Custody Services Framework, Sample Members Access Agreement and Sample Annex A.

Related Frameworks

Investment Management Consultancy Services Framework

This third iteration of the National LGPS Framework for Investment Management Consultancy Services was expanded to enable Cost Monitoring and Reporting services to also be procured. The Framework offers the LGPS community a quick and efficient route to market for a wide range of investment services.