New Delhi: Tata Consultancy Services (TCS) and UK’s largest workplace pension scheme, National Employment Savings Trust (NEST), on Wednesday announced the expansion of their long-standing collaboration in an 840 million pounds($1.1 billion) agreement to focus on digitally transforming Nest’s scheme administration services.
The deal, over an initial tenure of 10 years, is also meant to deliver enhanced member experiences and expand the scheme’s mission of delivering better retirement outcomes for people across the UK.
The maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, would be $1.96 billion.
“I’m looking forward to continuing our journey with TCS and exploring the opportunities ahead of us. We have a strong foundation after many years working together, and they’ve proven their ability to deliver successfully for a scheme the size and complexity of Nest,” said Gavin Perera-Betts, Nest’s Chief Customer Officer. Since 2011 Nest and TCS had worked closely, when the digital auto-enrollment pension scheme was first launched.
“The purpose-driven 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-enrollment pension scheme should be run,” said President of BFSI Products and Platforms, TCS, Vivekanand Ramgopal.
“We are looking forward to leveraging our contextual knowledge, technology expertise and proven platform to help Nest realise our shared vision for the future,” he added.
As partners, TCS will help Nest change the administration services utilizing an omnichannel platform that is future-ready, digitally enabled and driven by TCS BaNCS.
It will make use of data analytics and the most recent technologies to offer personalised, self-directed experiences to members.
Nest claims that, this will allow its 12 million members and 1 million employers to access the appropriate information at the right time, in the way that works best for them.
