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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.


The Global Custody Services Framework is available until February 2025. Contracts awarded under the Framework can be let for a maximum total duration of ten years. 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 on the Framework are:

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


As part of the user documentation, a Specification of Requirements is provided. In order to be appointed, the Providers have met the quality thresholds for this Framework and have demonstrated they have the right expertise to provide the services detailed within this Specification of Requirements. While each Provider successfully passed a minimum quality threshold, they are not all the same. It is important that you focus clearly on what your organisation requires to ensure the Further Competition helps you select the most appropriate Provider. The Guidance documentation gives you more detail on how to complete your Specification of Requirements and the other supporting documentation required for your Further Competition.

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 Framework may also 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; ( • 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.

No. The Global Custody Services Framework requires that you run a Further Competition.

Yes, as long as these are in areas within the overall scope, any additional requirements can be added to the Specification of Requirements. You may want to request that Providers give specific examples in the questions you ask.

There is an element of ranking based on the pre-evaluated technical proposal scores provided by Mercer Sentinel, however this ranking is dependent on the weightings you apply to each evaluation criteria, based on your specific requirements. The Framework would not oblige you to use any specific Service Provider. If you wished to make an appointment under the Framework you would undertake a Further Competition to select your Service Provider using the 'Call-Off' criteria.

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.