Tata Consultancy Services and MUFG Pension & Market Services will combine their strengths in the superannuation services industry to help customers revolutionize pension services
SYDNEY, AUSTRALIA | MUMBAI, JANUARY 15, 2025: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting and business solutions, has entered a strategic partnership with MUFG Pension & Market Services Holdings Ltd (MPMS) to redefine the superannuation and pension services landscape in Australia. The collaboration brings together the strengths of both organizations to create value and deliver cutting edge services to customers in the AUD 4 trillion superannuation sector.
The Memorandum of Understanding (MOU) between TCS and MPMS will enable the delivery of solutions and services for the sector in Australia, New Zealand, and other mutually agreed global markets. It combines TCS’ advanced technological capabilities and extensive global experience in the superannuation and wealth management industry, with MPMS’ expertise as the largest provider of superannuation services in Australia to revolutionise superannuation and pension services.
The superannuation industry has long been under pressure to lower their cost-to-serve, innovate and differentiate offerings in a highly competitive market to pursue growth but also enhance sustainability. This pressure creates challenges for funds when combined with increased governance, regulatory compliance and risk management requirements and the balancing of investment in these alongside the investment needed to grow, maintain and enhance technology. The collaboration between TCS and MPMS will help superannuation customers leverage the best of technology and service solutions from each organisation to enhance the customer experience of funds and members in Australia and globally.
Vivek Bhatia, CEO & Managing Director, MUFG Pension & Market Services, said, “This partnership with TCS marks a pivotal step for our MUFG Retirement Solutions business, by combining our deep industry insights and expertise with TCS’ technological expertise to deliver innovative and modernised solutions. Together, we are transforming the way superannuation and pension services are delivered, creating exceptional value and advancing the services we provide to our clients.”
The MOU specifies that MPMS and TCS will work as strategic partners working on business opportunities, collaborating to identify joint sales opportunities and product enhancement/service engagements. TCS may also help MPMS with technological solutions for its existing businesses.
Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, said, “We are excited by the possibilities that this partnership with MUFG Market & Pensions Services (MPMS) offers. TCS has expertise and experience in delivering innovative, technology-driven transformational solutions in the life and superannuation market. We will leverage this experience and our solutions together with MPMS’ deep industry insights to establish new benchmarks for customer experience and outcomes.”
TCS has a proven track record of delivering innovative, technology-driven transformation solutions in the life and superannuation market globally. Partnering with many of the world’s largest global pension schemes including recently announcing an expanded partnership with SPARSH, India’s Pension System for Defence Personnel and Ireland’s Department of Social Protection (DSP) to implement and support the country’s new Auto Enrolment Retirement Savings Scheme, known as the “My Future Fund”. TCS is also the strategic partner to The UK Teachers’ Pension Scheme, the second largest public sector pension scheme in the UK.
Vikram Singh, Vice President and Country Head Australia New Zealand, Tata Consultancy Services, said, “Our partnership with MUFG Market & Pensions Services (MPMS), is aligned with our commitment to be a true transformation partner for our customers and leverage our global expertise in delivering innovative, technology-driven solutions for the life and superannuation market. This partnership strengthens our strategic focus on the superannuation sector, combining our strengths with MPMS' industry knowledge, to reshape the industry and establish new benchmarks for customer outcomes and service quality innovation across Australia and New Zealand."
This partnership with MPMS will further expand TCS’ reach and impact in the superannuation segment. TCS has been working with large superannuation funds in Australia for over a decade, transforming their technology and operations and reducing their cost to serve through a comprehensive portfolio of administration and technology services.
TCS has been a key player in Australia for over 35 years, partnering with most of the top 10 companies listed on the Australian Stock Exchange (ASX). With operations in five locations, TCS is also recognised by LinkedIn as one of the top 25 companies to work for and as a top employer by the Top Employers Institute.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 56 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 607,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $29 billion in the fiscal year ended March 31, 2024, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
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