India’s largest technology company Tata Consultancy Services has won a deal from UK\u2019s largest workplace pension scheme, National Employment Savings Trust (Nest). The deal is to digitally transform Nest\u2019s scheme administration services. A Nest spokesperson said that the full deal (with possible extensions) is valued at around $1.9 billion. The deal duration will be of minimum 10 years with an option to extend it another 8 years.
TCS will transform the administration services using TCS BaNCS. This will enable Nest\u2019s 12 million members and 1 million employers to access the right information at the right time, in the way that suits them best.
\u201cWhile the exact costs are commercially sensitive, wee can confirm that under our current estimates the total contract cost falls within the total estimated contract value of \u00a31.5 billion, as published in the Contract Award Notice. It\u2019s important to note this amount is the estimated total maximum value for the maximum duration of the contract, including extensions,\u201d said a Nest spokesperson.
\u201cI\u2019m looking forward to continuing our journey with TCS and exploring the opportunities ahead of us. We have a strong foundation after many years of working together and they\u2019ve 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,\u201d said Gavin Perera-Betts, chief customer officer, Nest.
Nest terminated its deal with <\/span>Atos<\/span>
According to a report in Economic Times, Nest had terminated its 18-year $1.8 billion IT transformation contract with French provider Atos, announced in 2021. In addition, TCS was among the frontrunners for the deal and had taken over the project operations after it was canceled.
Nest deal comes just days after it was disclosed that TCS has lost a major client- Transamerica. The company said that it will insource its IT service administration requirement.
Deal goes back to 2011<\/span>
TCS won its first Nest deal in 2011 when the digital, auto-enrolment pension scheme was launched. As part of the new partnership. Responsible for end-to-end administration services across all aspects of the scheme, TCS 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.
\u201cThe 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,\u201d said Vivekanand Ramgopal, president, BFSI products and platforms, TCS.<\/div>\n