The deal also aims to provide a better member experience and expand the scheme’s mission to deliver better retirement outcomes for people across the UK
Posted Date – 07:40 AM, Thu – 22 June 23
New Delhi: Tata Consultancy Services (TCS) and the UK’s largest workplace pension scheme, the National Employment Savings Trust (Nest), announced on Wednesday an 840 million pound ($1.1 billion) extension to their long-term partnership to focus on the digital transformation of the Nest scheme administrative services.
The agreement, which will have an initial tenure of 10 years, also aims to provide a better member experience and expand the scheme’s mission to deliver better retirement outcomes for people across the UK.
If extended to the full 18-year term, the maximum estimated value of the contract would be $1.96 billion.
“I look forward to continuing our journey with TCS and exploring the opportunities in front of us. After years of working together, we have a solid foundation and they have proven their ability to successfully deliver programs of Nest’s scale and complexity,” Gavin Perera-Betts, Nest’s chief customer officer, said.
Nest and TCS have worked closely together since the first digital auto-enrollment pension plan launched in 2011.
“The purpose-driven partnership between Nest and TCS has brought to the UK workforce a highly successful pension scheme that is now a global benchmark for how an innovative, user-friendly, auto-enrolment pension scheme should work,” said Vivekanand Ramgopal, President, BFSI Products and Platforms, TCS.
“We look forward to leveraging our background knowledge, technical expertise and proven platform to help Nest realize our shared vision for the future,” he added.
As part of the partnership, TCS will help Nest transform management services using a future-ready digital omnichannel platform powered by TCS BaNCS.
It will leverage the latest technology and data analytics to provide members with a personalized, self-directed experience.
The company says this will give Nest’s 12 million members and 1 million employers access to the right information at the right time in the way that works best for them.
