TCS secures $1.1bn deal for UK's National Employment Savings Trust digital transformation

Tata Consultancy Services (TCS), a leading IT services company, has announced the expansion of its partnership with the National Employment Savings Trust (Nest), the workplace pension scheme in the UK. The contract, initially valued at 840 million pounds ($1.1 billion) for a 10-year period, could reach a maximum estimated value of $1.96 billion over the entire 18-year tenure, according to TCS.

TCS and Nest have been collaborating since 2011. Recently, TCS terminated a $2 billion contract with insurance provider Transamerica due to various challenges in the macro environment. With the expanded partnership, TCS will assist Nest in transforming its administration services using a digitally enabled, omnichannel platform powered by TCS BaNCS™. This platform, with its digital-first architecture and APIs, enables seamless integration with ecosystem partners such as payroll providers and fintech companies. Leveraging the latest technologies and data analytics, TCS aims to deliver personalized and self-directed experiences to Nest's 12 million members and 1 million employers. The goal is to provide members with access to relevant information in a way that best suits their needs.

Gavin Perera-Betts, Chief Customer Officer at Nest, expressed enthusiasm about the partnership and the opportunities it presents. He highlighted TCS's successful track record in delivering for a scheme of Nest's size and complexity. Perera-Betts emphasized Nest's commitment to its members and the ambition to continuously improve their retirement experience through a truly digital offering.

Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS, praised the purpose-driven partnership between TCS and Nest, which has resulted in a highly successful pension plan for the UK workforce. He noted that the collaboration has set a global benchmark for an innovative and user-friendly auto-enrollment pension scheme. Ramgopal expressed delight in expanding the long-standing partnership with Nest and supporting the organization in offering compelling omnichannel member experiences to the new generation of workers. TCS aims to leverage its contextual knowledge, technological expertise, and proven platform to help Nest realize its vision for the future.

The extended partnership between TCS and Nest reflects the commitment to providing enhanced pension services and a superior customer experience. By leveraging digital technologies and innovative solutions, TCS and Nest aim to shape the future of retirement offerings and support millions of individuals in enjoying a better retirement.