Nest and TCS Expand Strategic Partnership to Provide Enhanced Member Experience

Tata Consultancy Services’ Digital-First Platform Powered by TCS BaNCSTM will Help Transform Scheme Administration and Deliver Personalised Experience

PRESS RELEASE

LONDON | MUMBAI, June 21, 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.

Notes to Editors

Nest’s scheme administrator manages a range of services including enrolling members, collecting contributions, managing accounts and accessing savings, employer participation, and passing funds to the fund administrator.

About Nest

Nest was set up by the government to ensure every UK employer could offer a workplace pension to their employees. Since then, it’s grown to become the largest workplace pension scheme in the country by membership, with more than 12 million members. One in three of the working population is expected to have a Nest retirement pot by the late 2020s.

As a not-for-profit pension scheme, Nest was set up to serve its customers’ interests and aims to help millions of people enjoy a better retirement. Nest’s members benefit from an award-winning investment strategy and one of the most diversified DC portfolios in the industry. By the end of the next decade Nest is expected to have around £100bn assets under management.

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 55 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 614,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, 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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