IT services giant Tata Consultancy Services (TCS) announced the expansion of its partnership with National Employment Savings Trust (Nest), UK’s largest workplace pension scheme, in an £840-million (around $1.1-billion) deal for an initial tenure of 10 years, wherein it will digitally transform the firm’s administration services for enhanced member experiences.
The maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be £1.5 billion (around $1.9 billion).
This is TCS’s fourth large deal from the region in 2023, following the $723-million deal from insurer Phoenix Group, the Marks & Spencer deal, and the 10-year contract with the Teacher’s Pension Scheme in England and Wales, amidst a challenging macro environment in the region.
Nest and TCS have worked closely since 2011 when the digital auto-enrolment pension scheme was first launched. Nest currently has more than 12 million members and, by the end of the next decade, it expects to have around £100 billion assets under management.
As a part of this extended partnership, TCS will deploy solutions from TCS BaNCS to deliver personalised, self-directed experiences to members. “This will enable Nest’s 12 million members and one million employers to access the right information at the right time, in the way that suits them best,” the company said.
Gavin Perera-Betts, Chief Customer Officer, Nest, in a statement said, “We have a strong foundation after many years of working together and they’ve 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.”
Vivekanand Ramgopal, President of BFSI Products and Platforms, TCS, added, “We are delighted to further expand this longstanding partnership with Nest and support them in pushing the boundaries in offering compelling omnichannel member experiences to the new generation of workers entering the workplace. We are looking forward to leveraging our contextual knowledge, technology expertise and proven platform to help Nest realise our shared vision for the future.”
TCS is the largest provider of software and IT services in the UK, and has a workforce spanning 30 locations around the country.
Overall, with this, TCS would have bagged around five large deals in the first half of calendar year 2023 so far. The Marks & Spencer deal, according to reports, is worth $1 billion.
In India, it had recently bagged an advanced purchase order of Rs 15,000 crore, or $1.8 billion, in a consortium from the government-run telco BSNL to expand its 4G network pan India.
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Published on June 22, 2023
