Home » TCS expands partnership with British pension scheme Nest, signs $1.1 bn contract

TCS expands partnership with British pension scheme Nest, signs $1.1 bn contract

IT giant Tata Consultancy Services (TCS) and the UK’s largest workplace pension scheme, Nest on Wednesday expanded their long-standing partnership to focus on 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 United Kingdom.

TCS said, “We wish to inform that the contract value was signed for £840 ($1.1 billion) million with an initial tenure of 10 years. The total maximum estimated value of the contract, if extended to the entirety of its eighteen-year tenure, will be £1.5 billion.”

Nest and TCS have been working closely since 2011 when the digital, auto-enrolment pension scheme was first launched.

Since then, responsible for end-to-end administration services across all aspects of the scheme, TCS built a greenfield operation with a user-friendly, multi-channel, self-serve model, and a robust core that easily scaled as Nest became the provider for millions of workers saving for their retirements.

Under the extended partnership, TCS will help Nest transform its administration services using a future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS. Also, its digital-first architecture provides APIs to enable easy integration with ecosystem partners, such as payroll providers and fintechs.

Further, TCS will leverage the latest technologies and data analytics to deliver personalized, self-directed experiences to members.

Vivekanand Ramgopal, President, of BFSI Products & Platforms, TCS said, “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-enrolment pension scheme should be run.”

He added, “We are delighted to further expand this long-standing partnership with Nest and support them in pushing the boundaries in offering compelling omnichannel member experiences to the new generation of workers entering the workplace. We are looking forward to leveraging our contextual knowledge, technology expertise, and proven platform to help Nest realise our shared vision for the future.”

Such will enable Nest’s 12 million members and 1 million employers to access the right information at the right time, in the way that suits them best.

Gavin Perera-Betts, Chief Customer Officer, Nest said, “The interests of our members are always our top priority and drive every decision we make and we’re rightly ambitious about what we can achieve for them. I’m confident that our partnership with TCS will enable us to develop our world-class service to further support millions to enjoy a better retirement.”

It needs to be noted that TCS BFSI Platforms is an end-to-end digital ecosystem that powers the journeys of life, pensions/annuities, property/casualty, and health insurance providers.

This SaaS-first platform helps companies manage enterprise simplification, deliver superior customer experience, and achieve digital transformation.

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Updated: 21 Jun 2023, 09:41 PM IST