Posted by TCS secures 15-year pension contract with Irish government
New DelhiEdited By: Hanshika Ujlayan Updated: Oct 30, 2024, 11:33 AM IST
Tata Consultancy Services (TCS) Photograph:(ANI)
Story highlights
Indian IT major, Tata Consultancy Services (TCS) stated on October 29, that 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’ according to a detailed report by Business Standard.
Indian IT major, Tata Consultancy Services (TCS) stated on October 29, that 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’ according to a detailed report by Business Standard.
The Business Standard report further explained that, 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 an “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 a similar experience with the NEST scheme
TCS has experience with similar schemes, notably in the United Kingdom, where it has managed the National Employment Savings Trust (NEST) the Business Standard report explained further. The company designed a user-friendly, self-service model for NEST, which supports more than 13 million workers’ savings for retirement.
“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.
According to Deepak Chaudhari, country head of TCS Ireland, “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.”
Market participants and investors will closely follow this TCS deal as it will help them in taking informed investment decisions with regards to India’s largest Information and Technology (IT) firm TCS along with the overall outlook for the Indian IT industry.
)
Who Watches the Watchers? 