TCS bags �600mn UK pension deal

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TCS bags �600mn UK pension deal

Software major Tata Consultancy Services (TCS) is all set to bag a � 600 million outsourcing contract from the UK Government for managing a state-sponsored pension scheme that is still in the works, reports The Hindu Business Line.

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Software major Tata Consultancy Services (TCS) is all set to bag a � 600 million outsourcing contract from the UK Government for managing a state-sponsored pension scheme that is still in the works.

UK's Personal Accounts Delivery Authority said on Tuesday that TCS has emerged the successful bidder for a ten-year arrangement to 'set up' and 'administer' the National Employment Savings Trust (NEST), a scheme to be launched by 2012.

NEST, which is being designed and implemented to augment the existing employer-provided schemes, is expected to benefit nearly six million British citizens, when it becomes fully operational.

Two stages

"The contract is divided into two stages and runs for 10 years, with possible extensions for up to a further five years. The first stage will run to October 2010, allowing TCS to begin the activity required to set up and administer NEST," PADA said in a press statement.