India's largest software vendor Tata Consultancy Services (TCS) has bagged a multi-year deal from the British government to administer the National Employment Savings Trust (NEST).
Personal Accounts Delivery Authority (PADA), a non-departmental public body (NDPB), will sign a contract with TCS later this month which will be divided into two stages and running into 10 years, PADA said in a statement.
Neither TCS nor PADA gave any financial details of the deal.
The contract could further be extended for up to five years.
NEST is the new low cost pension scheme, previously known as personal accounts, that any employer can use to meet new workplace pension duties starting from 2012.
The first stage will run to October 2010, allowing TCS to begin the activity required to set up and administer NEST.
"As we proceeded through our detailed procurement process TCS emerged as an extremely strong bidder, both in terms of their capabilities in pension administration and in their ability to provide value for money for NEST members," PADA Chief Executive Tim Jones said.
N Chandrasekaran, chief executive officer and managing director of TCS said: "TCS is delighted to be confirmed as the preferred bidder to deliver the NEST scheme administration solution and services."
