TCS has signed a 15-year deal to transform Ireland’s pensions system, a move that would benefit 8,00,000 local workers, the IT major informed stock exchanges on October 29.
The contract requires TCS to provide digital solution for automatic enrolment of workers in Ireland. TCS will oversee scheme to enable enrolment, manage records and disbursement of benefits. The services will be delivered through TCS’ Global Delivery Centre at Letterkenny, in Ireland's Donegal County.
TCS said it has delivered similar national programmes in UK and other markets, and will draw from its experience as it partners with Ireland’s Department of Social Protection (DSP) for the Auto Enrolment Pensions Scheme, providing workers with a retirement savings platform called 'My Future Fund'.
TCS had in 2023 announced the partnership with 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.
Ireland had earlier this year passed the 'Automatic Enrolment Retirement Savings System Bill', and TCS emerged as the candidate after a rigorous tender process.
Heather Humphreys, Ireland's Minister for Social Protection said, "TCS has a wealth of relevant experience, having provided similar services in other countries."
"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, BFSI Products & Platforms, TCS, said.
Deepak Chaudhari, Country Head of TCS Ireland called the partnership a "fantastic opportunity" to apply its deep contextual knowledge to a project of national importance.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
