TCS Partners with Ireland's Department of Social Protection to Transform Pension System for 800,000 Workers

Varahimedia.com online news,MUMBAI, October 30, 2024: Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has secured a significant 15-year contract with Ireland’s Department of Social Protection (DSP) to implement and support the new Auto Enrolment Retirement Savings Scheme, named the “My Future Fund.” This initiative aims to provide a comprehensive digital solution for the automatic enrolment of nearly 800,000 workers across Ireland.

Using its TCS BaNCS™ platform, TCS will manage the scheme’s administration, ensuring seamless enrolment, record management, and benefit disbursement. Services will be delivered from TCS’s Global Delivery Centre in Letterkenny, County Donegal, Ireland. This project comes after the passing of the Automatic Enrolment Retirement Savings System Bill earlier this year and follows a rigorous tender process conducted by the Department of Social Protection.

Heather Humphreys, Minister for Social Protection, expressed her enthusiasm for TCS’s involvement, stating, “I am pleased to welcome TCS as the managed service provider for My Future Fund. TCS has extensive relevant experience from providing similar services in other countries. My officials and I will collaborate 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 brings considerable experience to the table, having managed the UK’s National Employment Savings Trust (NEST) since the launch of its digital auto-enrolment scheme in 2011. TCS developed a user-friendly digital design for NEST, which currently supports over 13 million workers saving for retirement.

Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS, stated, “We are honored to partner with the Department of Social Protection for such a nationally significant initiative as the digital Auto Enrolment Pension Scheme. We look forward to collaborating with the Department and the new NAERSA organization to implement this scheme. TCS’s expertise in delivering critical transformation projects in the UK and Ireland will be instrumental in making the pension system more accessible, transparent, and efficient for workers in Ireland.”

The “My Future Fund” pension scheme will empower thousands of workers to save and invest for their futures. It aims to enhance pension record management, ensure timely payments, improve scheme finance management, and provide easy digital access to information, benefiting everyone involved—from employers to pensioners.

Deepak Chaudhari, Country Head of TCS Ireland, highlighted the significance of the partnership, saying, “This collaboration presents a fantastic opportunity for TCS Ireland to leverage its deep knowledge and innovation for a project of national importance that will have a lasting impact. It is an exciting time for our talented team, as this initiative not only enhances our capabilities but also creates job opportunities and fosters skills development in Donegal, further strengthening our commitment to the region and driving meaningful change in the pensions landscape.”

The Letterkenny Global Delivery Centre strengthens TCS’s nearshore capabilities, featuring state-of-the-art facilities and employing around 1,200 associates. As one of the largest employers in Northwest Ireland, TCS has been operating in the UK and Ireland for nearly 50 years, partnering with 200 prominent businesses in the region, including British Airways, Primark, Aviva, Sainsbury’s, Nationwide, M&S, Asda, and Boots. With over 23,000 employees across the UK and Ireland, TCS is a leader in software and IT services, consistently ranking as the top IT service provider for customer satisfaction in independent surveys of CIOs from major IT spending organizations in the UK.