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TCS inks 15-year pact to transform Ireland`s pension system, help 8 lakh workers
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Tata Consultancy Services (TCS) on Tuesday announced a 15-year deal with Ireland’s Department of Social Protection (DSP) to provide digital solutions for the automatic enrolment of nearly 800,000 workers in that country.
Building on its experience of delivering similar national programmes, TCS will partner with the DSP to launch Ireland’s 'Auto Enrolment Pensions Scheme’, providing workers with a retirement savings platform.
“TCS has a wealth of relevant experience, having provided similar services in other countries. My officials and I will be working hard alongside TCS, the Revenue Commissioners and payroll software developers to make sure that My Future Fund is delivered on time and to the highest standard,” said Heather Humphreys, Minister for Social Protection.
Leveraging its TCS BaNCS platform and ecosystem, the IT services major will oversee the administration of the scheme, enabling seamless enrolment, record management, and benefit disbursement. Services will be delivered through TCS’ Global Delivery Centre in Letterkenny, Co Donegal, Ireland.
“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 and Platforms.
The project follows the passing of the Automatic Enrolment Retirement Savings System Bill in Ireland earlier this year and the conclusion of a rigorous tender process by the Department of Social Protection.
The “My Future Fund” pension scheme will enable thousands of workers to save and invest for their future.
The system will benefit everyone involved, from employers and operational staff to pensioners, by improving pension record management, timely payments, effective scheme finance management, and providing easy digital access to information.
TCS set up operations in the UK and Ireland nearly 50 years ago and works with 200 of the region’s best-known businesses, including British Airways, Primark, Aviva, Sainsbury’s, Nationwide, M&S, Asda and Boots.
