The Indian information technology services and consulting company will support Nest to transform the administration services with the help of a future-ready, digitally enabled, omnichannel platform driven by TCS BaNCS and advance the scheme’s mission of providing better retirement outcomes for individuals across the UK
TCS wins contract from Nest to transform scheme administration services. (Credit: Akki17690/Wikimedia Commons)
Tata Consultancy Services (TCS) has signed a new contract worth £840m with British workplace pension scheme Nest for an initial period of 10 years to digitally transform the latter’s scheme administration services.
Under the contract, TCS will facilitate enhanced member experiences for Nest and advance the scheme’s mission of providing better retirement outcomes for individuals across the UK.
Besides, the Indian information technology services and consulting company will support Nest in transforming the administration services with the help of a future-ready, digitally enabled, omnichannel platform driven by TCS BaNCS.
TCS stated that the total maximum estimated value of the contract will be £1.5bn once it is extended to the entirety of its 18-year tenure.
Nest chief customer officer Gavin Perera-Betts said: “We have a strong foundation after many years of working together and they’ve proven their ability to deliver successfully for a scheme the size and complexity of Nest.
“This puts us in an excellent position to further advance our operations and build a truly digital offering that delivers a superior customer experience long into the future. 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.”
According to TCS, its platform will help application programme interfaces (APIs) to allow seamless integration with ecosystem partners, including payroll providers and fintechs.
The platform will also utilise the latest technologies and data analytics to offer tailored, self-directed experiences to members.
TCS expects to allow Nest’s 12 million members and one million employers to access the appropriate information at the right time and in the most convenient manner.
Both parties have collaborated since 2011 when the digital, auto-enrolment pension scheme was initially introduced.
The Indian firm designed a greenfield operation with a user-friendly, multi-channel, self-serve model, and a robust core that helped Nest to scale rapidly.
TCS BFSI products and platforms president Vivekanand Ramgopal 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.”