TCS and UK's Largest Pension Scheme Nest Expand Partnership for Digital Transformation

22 Jun 2023 , 10:16 AM

Tata Consultancy Services (TCS) and Nest, the UK’s largest workplace pension scheme, have extended their partnership to focus on digitally transforming Nest’s scheme administration services and enhancing member experiences.

The contract, valued at £840 million ($1.1 billion) and initially spanning 10 years, has the potential to reach a total maximum estimated value of £1.5 billion over its eighteen-year tenure, according to TCS.

The collaboration between Nest and TCS dates back to 2011 when Nest was launched as a digital, auto-enrolment pension scheme. TCS has been responsible for end-to-end administration services, establishing a user-friendly, multi-channel, self-serve model and a scalable core system to accommodate the scheme’s growth.

As part of the expanded partnership, TCS will leverage its TCS BaNCS platform to help Nest transform its administration services. The platform, with its future-ready, digitally enabled, omnichannel capabilities, will enable seamless integration with ecosystem partners, including payroll providers and fintechs, through APIs.

TCS will utilize advanced technologies and data analytics to deliver personalized, self-directed experiences to Nest members, enhancing their engagement with the pension scheme.

The partnership aims to support Nest’s mission of providing better retirement outcomes for individuals across the United Kingdom by leveraging digital solutions and optimizing administrative processes.

For feedback and suggestions, write to us at [e-mail]