TCS enables auto enrolment pension scheme to scale rapidly in line with demand
LONDON | MUMBAI, May 17, 2016: Tata Consultancy Services, (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, announced today that its client, the National Employment Savings Trust (NEST) in the UK, has now signed up more than 100,000 employers to its auto enrolment pension scheme.
NEST was established in 2010 as part of the UK government’s workplace pension reforms, which require all UK employers to enroll their eligible workforce into a qualifying workplace pension scheme. The roll-out of the auto enrolment reforms began in October 2012 and are being introduced in stages up until 2018. NEST has seen employer numbers increase by over 100% since the beginning of 2016, as well as rapid growth in membership figures. Since roll out began more than three million members have been enrolled with NEST, with membership figures tripling from one million to three million since April 2014.
As NEST’s IT solutions partner and scheme administrator, TCS is responsible for delivering outcome-based, end-to-end administration services across all aspects of the scheme. TCS set up the IT platforms that underpin NEST’s operations including front and back-office, IT infrastructure hosting and overarching management and governance of the scheme administration. TCS BaNCS – a suite of bespoke solutions designed for the banking, insurance, pension and capital markets industries – sits at the heart of the NEST scheme, with additional technology, business process and infrastructure services also being provided by the TCS team.
The rapid growth in employer numbers is testament to a strong working partnership between TCS and NEST. TCS has worked in collaboration with NEST to enhance the services and experiences offered to employers and members. The scheme was built to be a digital-first offering for employers and members, which means that it can be quickly and efficiently scaled up as demand increases. The digital infrastructure in place makes it possible to continually improve the user experience delivered through rapid deployment of additional services, such as payroll integration with IRIS, Moneysoft, QTAC and Sage platforms as well as the wider payroll industry. These new services also include enhanced customer service channels such as an online help centre, webchat, NEST Connect (for 3rd parties) and interactive voice response (IVR).
Helen Dean, CEO, NEST, said, “From a standing start in October 2012, NEST now has 100,000 employers signed up to the scheme and more than three million members. Managing such high volumes in such a short space of time is no mean feat. It is vital that our IT infrastructure and digital services are able to flex and scale to meet demand as auto enrolment continues to roll-out. The systems, processes and technology that TCS has developed as a pension scheme administrator have been essential to getting us to where we are today. Our partnership with TCS has been invaluable, allowing us to innovate, handle high growth and helping us bring pension saving to millions of UK workers. We’re delighted with the success of the scheme to date and will be working closely with TCS as we continue to grow our membership and develop additional offerings.”
Shankar Narayanan, Country Head, UK & Ireland, TCS, said, “As a pension scheme conceived and built in the digital era, NEST is a fantastic example of what is possible when you put digital technology and advanced IT infrastructures at the heart of your organization. It simply would not have been possible to deliver the same quality of service and customer experience without the scalability, agility and efficiency that a digital-by-default approach can enable. We’re extremely proud to have been a NEST partner since 2010 and look forward to contining our work together to offer the UK’s most innovative, user-friendly auto enrolment pension scheme.”
TCS is one of the country’s leading digital employers and has offices in more than 30 UK locations, including London, Edinburgh, Manchester, Leeds, Ipswich, Norwich, Peterborough and Liverpool. These sites help to deliver digital projects for more than 150 TCS customers in the UK, including Boots, BT, Diageo, National Grid, Nationwide, Marks & Spencer, Thames Water and Virgin Atlantic.
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, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™ (GNDM), recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 226,000 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 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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