TCS wins 15-year deal to transform Ireland’s pension program
DUBLIN, IRELAND and MUMBAI, INDIA — Tata Consultancy Services (TCS), India’s IT services provider, has secured a landmark 15-year contract with Ireland’s Department of Social Protection to revolutionize the country’s pension system through a new Auto Enrolment Retirement Savings Scheme called “My Future Fund.”
The new pension scheme will provide comprehensive benefits, including improved pension record management, timely payments, and enhanced digital access to information for both employers and pensioners.
While terms of the deal were not disclosed, the Irish Times reported in June 2024 that TCS is expected to sign the same contract for 10 years at €150 million ($163 million). The Economic Times reported that the deal is valued around $245 million for 15 years, according to an IT analyst.
Digital innovation for retirement planning
The comprehensive digital solution will facilitate automatic enrollment for approximately 800,000 workers in Ireland, streamlining pension management through TCS’s proprietary BaNCS platform. The services will be delivered through the company’s Global Delivery Centre in Letterkenny, Co. Donegal, which currently employs around 1,200 associates.
“I am pleased to welcome TCS on board as the managed service provider for My Future Fund. TCS has a wealth of relevant experience, having provided similar services in other countries,” said Minister for Social Protection Heather Humphreys.
“My officials and I will be working hard alongside TCS, the Revenue Commissioners and payroll software developers to make sure that My Future Fund is delivered on time and to the highest standard.”
We’ve partnered with Ireland’s Department of Social Protection for 15 years to modernize the country’s pension system. This transformation will enhance the experience for over 800,000 workers.
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#Pension @TCS_UKI @welfare_ie— Tata Consultancy Services (@TCS) October 29, 2024
Global expertise and market presence
TCS brings substantial experience to this project, having successfully managed the UK’s National Employment Savings Trust (NEST) since 2011, which currently supports over 13 million workers.
The company’s presence in the UK and Ireland spans nearly five decades, with an impressive workforce of more than 23,000 employees across both 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,” said Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS.
The IT services giant currently serves 200 prominent businesses in the region, including major names like British Airways, Primark, Aviva, Sainsbury’s, and Boots. The company has also expanded its European footprint with new facilities in Portugal, Sweden, France, and Poland, aligning with European digital objectives for 2030.
TCS ranked #45 on the OA500 2024, an objective index of the world’s top 500 outsourcing firms. The latest index places the company five places higher than last year when it ranked 50th. It generated revenues of $29 billion in fiscal year 2024.
