 "TCS signs 15-year deal with Irish govt to manage pensions of 800K workers")
Tata Consultancy Services (TCS) said on Tuesday it has won a 15-year contract from Ireland’s Department of Social Protection to implement and support the country’s new auto enrolment retirement savings scheme known as ‘My Future Fund’.
While the financial details of the deal were not disclosed, such long-term contracts are typically categorised as large deals. The India information technology (IT) services company will provide “end-to-end digital solution” for the automatic enrolment of some 800,000 workers in Ireland.
The company will use its TCS BaNCS platform to enable enrolment, record management, and benefit disbursement system. Services will be delivered through TCS’ Global Delivery Centre in Letterkenny, Co. Donegal, Ireland.
The project follows the passage of the Automatic Enrolment Retirement Savings System Bill in Ireland earlier this year and the completion of a tender process by the Department of Social Protection.
“I am pleased to welcome TCS on board as the managed service provider for My Future Fund. TCS has a wealth of relevant experience, having provided similar services in other countries,” said Heather Humphreys, Ireland’s minister for social protection. “My officials and I will work closely with TCS, the revenue commissioners, and payroll software developers to ensure that My Future Fund is delivered on time and to the highest standard.”
TCS has experience with similar schemes, notably in the United Kingdom, where it has managed the National Employment Savings Trust (NEST). The company designed a user-friendly, self-service model for NEST, which supports more than 13 million workers’ savings for retirement.
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“TCS has expertise and experience in delivering critical transformation projects in the UK and Ireland. We will leverage this experience and our knowledge of the market to make the pension system more accessible, transparent, and efficient for workers in Ireland,” said Vivekanand Ramgopal, president, BFSI products & platforms, TCS.
My Future Fund scheme will enable thousands of workers to save and invest for their future. The system will benefit employers, operational staff and pensioners by enhancing pension record management, ensuring timely payments, improving scheme finance management, and providing easy digital access to information.
“This partnership is a fantastic opportunity for TCS Ireland to apply its deep contextual knowledge and innovation, contributing to a project of national importance that will have a lasting impact,” said Deepak Chaudhari, country head of TCS Ireland.