TCS signs £840 million fresh contract with UK pension scheme Nest
10 Jul 2023
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Tata Consultancy Services (TCS) has extended its partnership with Nest, the UK’s largest workplace pension scheme, with a fresh, £840 million, contract for digitally transforming Nest’s scheme administration services and delivering enhanced member experiences.
TCS will use its digital-first platform, powered by BaNCSTM, to transform Nest’s scheme administration enabling it to offer a personalised experience. For this, TCS will deploy a future-ready, digitally permitted, omnichannel platform powered by TCS BaNCS.
The contract was signed for an initial tenure of 10 years. The aggregated maximum estimated value of the contract, of its 18-year term, will be £1.5 billion.
"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," TCS stated in a release.
Nest and TCS have been working closely since 2011 when the digital, auto-enrolment pension scheme was first launched.
TCS, which was responsible for end-to-end administration services across all aspects of the scheme, 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.
"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," Vivekanand Ramgopal, president, of BFSI Products & Platforms, TCS, said,
"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," he added.
This 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.
“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," Gavin Perera-Betts, chief customer officer, Nest said.
TCS had reported a 14.8 per cent year-on-year increase in combined net profit of Rs11,392 crore for FY22-23. The IT services major reported a profit of Rs10,846 crore in the December 2022 quarter.
Consolidated revenue from operations rose 16.9 per cent to Rs59,162 crore, from Rs50,591 crore in the previous quarter. It stood at Rs58,229 crore in December FY23.
In constant currency (cc) terms, the revenue rose 10.7 per cent YoY.
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