TCS lands 15-year deal to modernize Ireland’s pension system
Tata Consultancy Services (TCS) has secured a 15-year contract with Ireland’s Department of Social Protection to implement and manage the country’s new Auto Enrolment Retirement Savings Scheme, the company announced today.
The deal will help establish “My Future Fund,” a digital pension platform aimed at automatically enrolling approximately 800,000 Irish workers.
The shares of Tata Consultancy Services (TCS) Limited were trading flat at ₹4,088.30 on the NSE today at 12.13 pm.
The project follows Ireland’s passage of the Automatic Enrolment Retirement Savings System Bill earlier this year. TCS will utilize its BaNCS platform to handle scheme administration, enrollment, and benefit disbursement through its Global Delivery Centre in Letterkenny, Co. Donegal.
TCS brings relevant experience from managing similar programs, including the UK’s National Employment Savings Trust (NEST), which serves over 13 million workers. The company’s Letterkenny center, employing around 1,200 people, will play a key role in delivering the service.
Ireland’s Minister for Social Protection, Heather Humphreys, welcomed TCS as the managed service provider, citing the company’s experience in delivering similar services internationally. The initiative aims to make pension systems more accessible and efficient for Irish workers while improving record management and payment processes.
TCS, part of India’s Tata group, reported revenues of US $29 billion in the fiscal year ended March 2024 and employs over 612,700 consultants globally.