Ireland’s Department of Social Protection has teamed up with Tata Consultancy Services (TCS) to launch a new retirement pension scheme. This 15-year contract is aimed at using TCS’s BaNCS digital platform to automatically enroll 800,000 individuals into the My Future Fund.
The initiative follows the passage of the Automatic Enrolment Retirement Savings System Bill earlier this year. TCS will manage various aspects of the scheme, including enrolling participants, maintaining records, and distributing benefits, all from their Global Delivery Centre in Letterkenny, which employs about 1,200 people.
Ireland’s social protection minister, Heather Humphreys, emphasized the collaborative effort needed to ensure My Future Fund meets its deadlines and standards. TCS isn’t new to this; they’ve run a similar program called the National Employment Savings Trust (Nest) in the UK since 2011, which they recently extended for another decade to improve digital services for 12 million members and one million employers.
TCS has solidified its position in the UK’s life and pensions market, especially after acquiring Pearl Group in 2005 and establishing Diligenta for further growth in business process outsourcing. This year, they also took on the management of over two million teachers’ pensions in the UK, marking another significant 10-year contract focused on digital transformation.
Deepak Chaudhari, TCS’s head in Ireland, noted the importance of this partnership. He recognizes it as a chance for TCS Ireland to leverage its expertise and contribute to a crucial national project. The initiative promises not only to enhance their capabilities but also to create job opportunities and foster skill development in Donegal, addressing significant changes in the pension sector.