Tata Consultancy Services (TCS) announced on Tuesday that it has secured a 15-year contract from Ireland's Department of Social Protection to develop and support the country's new auto-enrolment retirement savings system, known as the 'My Future Fund'.
TCS will offer end-to-end digital solution for the automatic enrollment of about 800,000 workers in Ireland.
To provide enrollment, data administration, and a benefit disbursement system, the company will make use of its TCS BaNCS platform. The services will be delivered by TCS' Global Delivery Centre in Letterkenny, County Donegal, Ireland.
"I'm happy to announce TCS as My Future Fund's managed service provider. Having offered comparable services in other nations, TCS has a plethora of pertinent experience. To guarantee that My Future Fund is delivered on schedule and to the best possible quality, my officials and I will collaborate closely with TCS, the revenue commissioners, and payroll software developers", stated Heather Humphreys, Ireland social protection minister.
Particularly in the UK, where it oversaw the National Employment Savings Trust (NEST), TCS has expertise with comparable programs.
For NEST, the business created an easy-to-use self-service architecture that supports the retirement savings of over 13 million employees.
"TCS is skilled and experienced in completing important transformation projects in Ireland and the UK. We will use this experience and our understanding of the market to make the pension system more accessible, transparent, and effective for workers in Ireland", Vivekanand Ramgopal, president of BFSI products & platforms at TCS, stated.
Thousands of workers will be able to save and invest for their future thanks to the My Future Fund program. Employers, operational employees, and pensioners will all gain from the system's improved pension record administration, on-time payments, scheme finance management, and simple digital information access.
"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", stated Deepak Chaudhari, Country Head of TCS Ireland.
