TCS signs 15-year deal to digitize Ireland's pension system
Tata Consultancy Services (TCS) has won a 15-year contract to digitally transform the pension system of Ireland. The project will benefit around 800,000 local workers, the company informed stock exchanges today. Under the deal, TCS will create a digital solution for the automatic enrollment of Irish workers into the pension scheme. The services will be delivered from TCS' Global Delivery Center in Letterkenny, Donegal County.
Managing records and disbursement of benefits
TCS will manage the scheme for enrollment, record-keeping, and benefit disbursement. The company will work with Ireland's Department of Social Protection (DSP) on the Auto Enrolment Pensions Scheme. The initiative will give workers a retirement savings platform called 'My Future Fund.' TCS was chosen for the prestigious project following a detailed tender process, after Ireland's 'Automatic Enrolment Retirement Savings System Bill' was passed earlier this year.
TCS's experience in national pension programs
TCS has a proven track record of executing similar national programs in the UK and other markets. In 2023, the company had partnered with the National Employment Savings Trust (NEST), UK's largest workplace pension scheme, in a $1.1 billion deal over 10 years to digitally transform administration services. This experience will prove to be instrumental in their work on Ireland's pension system transformation project.
Commitment to making pension system more efficient
Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS, highlighted the company's proficiency in executing critical transformation projects in the UK. He said this experience would be utilized to make the pension system more accessible, transparent, and efficient for Irish workers. Deepak Chaudhari, Country Head of TCS Ireland, called the partnership a "fantastic opportunity" to apply their deep contextual knowledge to a project of national importance.
