Tata Consultancy Services (TCS) announced its IT contract with Nest, UK’s largest workplace pension scheme.
The IT partnership is aimed at digitally transforming Nest’s scheme administration services, delivering enhanced member experiences and furthering the scheme’s mission of delivering better retirement outcomes for people across the UK.
TCS, India’s top IT services provider, said the size of the new IT contract is worth 840 million pounds ($1.1 billion) for an initial tenure of 10 years. The contract, to help Nest transform its administration services, would be worth 1.5 billion pounds if extended to the entirety of its 18-year tenure, TCS said in a statement.
Nest and TCS have worked closely since 2011 when the digital, auto-enrolment pension scheme was first launched. TCS built a greenfield operation with a user-friendly, multi-channel, self-serve model, and a robust core that scaled as Nest became the provider for millions of workers saving for their retirements.
TCS will help Nest transform the administration services using a digitally enabled, omnichannel platform powered by TCS BaNCS. Its digital-first architecture provides APIs to enable integration with ecosystem partners, such as payroll providers and fintechs. This will enable Nest’s 12 million members and 1 million employers to access the right information.
“The partnership between Nest and TCS resulted in an immensely successful pension plan for the UK workforce, that is now a global benchmark on how an innovative, user-friendly, auto enrolment pension scheme should be run,” said Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS.
Last week, TCS mutually terminated a $2 billion contract with insurance provider Transamerica, citing reasons that include a challenging macro environment.
