National Savings and Investments is planning to set up an IT outsourcing contract worth between £700m-£1.5bn to replace its current deal with Siemens when it expires on 31 March 2014.

In an advertisement in the Official Journal of the European Union, it says that it plans to start its procurement in the last quarter of 2011.

On 11 July it will hold an event in London to provide information on the scope of requirements, sourcing model and procurement timescales.