NEST Enrolls More Than One Million Members on TCS BaNCS as Part of the UK’s Workplace Pension Reforms
Mumbai, August 21, 2014: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions firm, announced today that its TCS BaNCS customer, National Employment Savings Trust (NEST) in the UK, has crossed the 1 millionth member mark.
NEST was established under UK law as part of the UK government’s workplace pension reforms that require all UK employers to enroll their eligible workforce into a qualifying workplace pension scheme and make contributions along with the employee contribution component. The reforms started in October 2012 and are being rolled out to UK employers over the next three years.
Tim Jones, Chief Executive Officer, NEST, said, “NEST membership has grown from a few hundred members to over one million in under two years. The TCS solution has been invaluable in helping NEST deliver the service and functionality we needed whilst having the capacity to deal with exponential increases in both employers and members coming to us. The NEST scheme is centred on the core pension administration platform, TCS BaNCS for pensions. This has helped us meet our objectives by delivering a secure, scalable and robust solution offering flexibility, customization, high performance and advanced functionality. Reaching this member milestone is an important moment for us, but there’s a lot more to do to make sure that the millions more people due to be enrolled over the next few years continue to receive and have access to a great pension scheme, giving them a helping hand to save for their future.”
Vijaya Deepti, Vice-President, TCS Financial Solutions, said, “TCS has been the IT solutions partner and administrator for the NEST Scheme since 2010. NEST went operational with volunteer employers in July 2011, beating by 15 months the official deadline of commencing full-scale operations in October 2012. The enrollment of the millionth member on April 1, 2014, is a significant milestone for NEST, and TCS is extremely proud of this partnership and program. More importantly, being a part of the UK Government’s ”Digital by Default” initiative gives added impetus to TCS Digital Re-imagination program that has a connected simplified customer experience at its core”.
NEST is a defined contribution trust-based, workplace pension scheme set up to ensure that all UK companies have guaranteed access to a high quality, low-cost pension scheme for their workers. It has a public service obligation to be open to any UK employer that wants to use it. It is primarily delivered online, to enable both employers and members to avail self-service.
TCS is NEST’s IT solutions partner and scheme administrator. As part of the engagement that began in 2010, TCS delivered outcome-based, end-to-end administration services, set up the IT platform, including operational processes for front- and back-office, IT infrastructure hosting and overarching management and governance of the entire program. TCS BaNCS sits at the heart of the NEST scheme and the entire TCS solution encompasses ‘Full Services Play’, leveraging TCS BaNCS, IT services, technology, and infrastructure and BPS services.
TCS BaNCS is highly customizable, secure and scalable and is the core solution at NEST with other readily customizable off-the-shelf products from leading vendors and strategic alliance partners from TCS forming the periphery of the greater implementation. This comprehensive solution supports all mainstream business processes such as covering employer participation, enrolling members, collecting contributions, managing accounts, accessing savings and passing of funds to the fund administrator, among others.
In line with the UK Government’s “Digital by Default” initiative, the NEST scheme is based on the principle of Straight-Through Processing (STP) and is pre-dominantly delivered over digital channels coupled with a high level of self-service capabilities.
NEST (National Employment Savings Trust) has been set up by law as part of the UK workplace pension reforms. It’s the only pension scheme in the UK with a public service obligation to be open to any employer to use for automatic enrollment regardless of the size or value of their business. NEST is a trust-based scheme, run independently from the government on a not-for-profit basis in the interests of its members.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 285,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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