IT services major Tata Consultancy Services (TCS) has announced a 15-year partnership with Ireland’s Department of Social Protection to implement and support a new auto-enrolment retirement savings scheme called ‘My Future Fund’.
The initiative, aimed at facilitating retirement savings for approximately 800,000 workers in Ireland, will provide a comprehensive digital solution for automatic enrolment, record management, and benefit disbursement. This digital transformation will be managed through TCS’ Global Delivery Centre in Letterkenny, County Donegal, Ireland.
Although the financial terms of the deal were not disclosed, long-term contracts of this nature are generally classified as large deals.
The project follows the recent enactment of Ireland’s Automatic Enrolment Retirement Savings System Bill, and TCS was chosen for the contract after a competitive tender process.
The My Future Fund scheme will enable thousands of workers to save and invest for their future. This system will support employers, operational staff, and pensioners by improving pension record management, ensuring timely payments, enhancing scheme finance administration, and offering easy digital access to information.
“I am pleased to welcome TCS on board as the managed service provider for My Future Fund. TCS has a wealth of relevant experience, having provided similar services in other countries,” Heather Humphreys, Ireland’s minister for social protection said. “My officials and I will work 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.”
The company has experience with similar schemes in other regions, notably in the United Kingdom, where TCS managed the National Employment Savings Trust (NEST) since its launch in 2011. The company designed a user-friendly, self-service model for NEST, which supports more than 13 million workers’ savings for retirement.
“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,” Vivekanand Ramgopal, president of BFSI Products & Platforms at TCS, said.
Further, Deepak Chaudhari, country head of TCS Ireland, said: “This partnership is a fantastic opportunity for TCS Ireland to apply its deep contextual knowledge and innovation, contributing to a project of national importance that will have a lasting impact,”
From: financialexpress
Financial News
