Tata Consultancy Services (TCS) and Nest, UK’s largest workplace pension scheme, announced the expansion of their long-standing partnership to focus on digitally transforming Nest’s scheme administration services, delivering enhanced member experiences and furthering the scheme’s mission of delivering better retirement outcomes for people across the UK.
The contract value was signed for £840 million (~$1075 million) with an initial tenure of 10 years. The total maximum estimated value of the contract, if extended to the entirety of its eighteen-year tenure, will be £1.5 billion (~$1.92 billion).
Nest and TCS have worked closely since 2011 when the digital, auto-enrolment pension scheme was first launched. 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.
As part of the partnership, TCS will help Nest transform the administration services using a future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS™. Its digital-first architecture provides APIs to enable easy integration with ecosystem partners, such as payroll providers and fintechs. It will leverage the latest technologies and data analytics to deliver personalized, self-directed experiences to members. This will enable Nest’s 12 million members and 1 million employers to access the right information at the right time, in the way that suits them best.
TCS BFSI Platforms is an end-to-end digital ecosystem that powers the journeys of life, pensions/ annuities, property/casualty, and health insurance providers. This SaaS-first platform helps companies manage enterprise simplification, deliver superior customer experience, and achieve digital transformation.
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