TCS Signs 15-Yr Deal with Department of Social Protection to Transform Ireland’s Pensions System, Aiding 800K Workers

Building on its experience of delivering similar national programmes, TCS will partner with the DSP to launch Ireland’s significant Auto Enrolment Pensions Scheme, providing workers with a retirement savings platform

Press release

DUBLIN | MUMBAI, October 29, 2024: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a global leader in IT services, consulting and business solutions, has secured a 15-year contract with 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.” This initiative will provide a comprehensive, end-to-end digital solution for automatic enrolment of nearly 800,000 workers in Ireland.

Leveraging its TCS BaNCS™ platform and ecosystem, TCS will oversee the administration of the scheme, enabling seamless enrolment, record management, and benefit disbursement. Services will be delivered through TCS’ Global Delivery Centre in Letterkenny, Co. Donegal, Ireland. This project follows the passing of the Automatic Enrolment Retirement Savings System Bill in Ireland earlier this year and the conclusion of a rigorous tender process by the Department of Social Protection.

Heather Humphreys, Minister for Social Protection, said, “I am pleased to welcome TCS on board as the managed service provider for My Future Fund. TCS has a wealth of relevant experience, having provided similar services in other countries. My officials and I will be working hard alongside TCS, the Revenue Commissioners and payroll software developers to make sure that My Future Fund is delivered on time and to the highest standard.”

TCS has experience with similar schemes in the UK and other markets, having managed the National Employment Savings Trust (NEST) since the UK government launched a digital auto-enrolment scheme in 2011. It created a digital design for NEST, implementing a user-friendly, self-serve model that supports over 13 million workers saving for retirement.

Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, said, “We are privileged to partner with the Department of Social Protection for a nationally significant programme such as the digital Auto Enrolment Pension Scheme. We look forward to partnering with the Department and the new NAERSA organisation to implement the scheme. TCS has expertise and experience in delivering critical transformation projects in the UK and Ireland. We will leverage this experience and our knowledge of the market to make the pension system more accessible, transparent and efficient for workers in Ireland.”

The “My Future Fund” pension scheme will enable thousands of workers to save and invest for their future. The system will benefit everyone involved, from employers and operational staff to pensioners, by improving pension record management, timely payments, effective scheme finance management, and providing easy digital access to information.

Deepak Chaudhari, Country Head of TCS Ireland, said “This partnership is a fantastic opportunity for TCS Ireland to apply its deep contextual knowledge, innovation and to contribute to a project of national importance that will have a lasting impact. It is an exciting time for our talented team, as this initiative not only expands our capabilities but also job opportunities and skills development to Donegal; further strengthening our commitment to the region and to driving meaningful change in the pensions landscape.”

Strengthening TCS’ nearshore capabilities, the global delivery centre in Letterkenny hosts state-of-the-art facilities and employs around 1,200 associates. It is one of the largest employers in the Northwest of Ireland. TCS set up operations in the UK & Ireland nearly 50 years ago and works with 200 of the region’s best-known and most-loved businesses, including British Airways, Primark, Aviva, Sainsbury’s, Nationwide, M&S, Asda and Boots. With its deep industry expertise and an employee strength of over 23,000 people across the UK and Ireland, TCS holds a leadership position in software and IT services in the UK and Irish markets. It has also been ranked the number one IT service provider for customer satisfaction in an independent survey of CIOs of the largest IT spending organizations in the UK.

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At a glance

Transforming Ireland's Pensions System

New auto enrolment retirement savings scheme

Deepak Chaudhari

Country Head - Ireland, TCS

Heather Humphreys

Minister for Social Protection

Vivekanand Ramgopal

President, BFSI Products & Platforms, TCS

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^TM 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 612,700 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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