LONDON | New Delhi, 23rd June 2023: Tata Consultancy Services (TCS) BSE: 532540, NSE: TCS) and Nest, UK’s largest workplace pension scheme, announced the expansion of their long-standing partnership to focus on digitally transforming Nest’s scheme administration services, delivering enhanced member experiences and furthering the scheme’s mission of delivering better retirement outcomes for people across the UK.
Nest and TCS have worked closely since 2011 when the digital, auto-enrolment pension scheme was first launched. Responsible for end-to-end administration services across all aspects of the scheme, TCS built a greenfield operation with a user-friendly, multi-channel, self-serve model, and a robust core that easily scaled as Nest became the provider for millions of workers saving for their retirements.
As part of the partnership, TCS will help Nest transform the administration services using a future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS™. Its digital-first architecture provides APIs to enable easy integration with ecosystem partners, such as payroll providers and fintechs. It will leverage the latest technologies and data analytics to deliver personalized, self-directed experiences to members. This will enable Nest’s 12 million members and 1 million employers to access the right information at the right time, in the way that suits them best.
“I’m looking forward to continuing our journey with TCS and exploring the opportunities ahead of us. We have a strong foundation after many years of working together and they’ve proven their ability to deliver successfully for a scheme the size and complexity of Nest. This puts us in an excellent position to further advance our operations and build a truly digital offering that delivers a superior customer experience long into the future,” said Gavin Perera-Betts, Chief Customer Officer, Nest. “The interests of our members are always our top priority and drive every decision we make and we’re rightly ambitious about what we can achieve for them. I’m confident that our partnership with TCS will enable us to develop our world class service to further support millions to enjoy a better retirement.”
“The purpose-driven partnership between Nest and TCS resulted in an immensely successful pension plan for the UK workforce, that is now a global benchmark on how an innovative, user-friendly, auto enrolment pension scheme should be run,” said Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS. “We are delighted to further expand this long-standing partnership with Nest and support them in pushing the boundaries in offering compelling omnichannel member experiences to the new generation of workers entering the workplace. We are looking forward to leveraging our contextual knowledge, technology expertise and proven platform to help Nest realise our shared vision for the future.”
TCS BFSI Platforms is an end-to-end digital ecosystem that powers the journeys of life, pensions/annuities, property/casualty, and health insurance providers. This SaaS-first platform helps companies manage enterprise simplification, deliver superior customer experience, and achieve digital transformation.