On June 5th, Tata Consultancy Services (TCS) made an announcement regarding its successful acquisition of a 10-year contract from the Department for Education (DfE) to oversee and improve customer experiences for the Teachers’ Pension Scheme in England and Wales.
This new agreement marks TCS’ third major contract in the region, following previous deals with insurer Phoenix Group worth $723 million and Marks & Spencer in 2023.
Despite prevailing macro-economic uncertainties, TCS continues to establish its presence in the United Kingdom.The Teachers’ Pension Scheme is the second largest public sector pension scheme in the UK, boasting a membership of over 2 million individuals.
Although the exact financial details of the agreement were not disclosed by TCS, insiders suggest that it is a substantial contract.
Under this arrangement, TCS will be responsible for the scheme’s administration services, utilizing its digitally enabled omnichannel platform powered by TCS BaNCS.
The primary objective is to provide a digital-first, self-service pension experience for scheme employers and members. This will grant them unrestricted access to their account information through any channel at any time.
Furthermore, TCS aims to offer personalized insights to help individuals better comprehend their pension plans, enabling them to make well-informed decisions.
As part of its collaboration with the DfE, TCS intends to expand its already significant presence in the UK’s life and pensions industry by establishing a service hub in Darlington. With its status as the largest provider of software and IT services in the UK, TCS operates across 30 locations nationwide, employing a substantial workforce.
Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS, expressed his enthusiasm about partnering with the Department for Education to digitally transform the administration of the Teachers’ Pensions Scheme.
He stated that their goal is to deliver the best-administered public sector pensions scheme in the UK while providing an enhanced customer experience.
TCS has always prioritized improving customer experience as a key aspect of their platform’s value proposition in the UK pensions industry. Ramgopal further emphasized TCS’s commitment to investing strategically in their platform.
They aspire to become the preferred growth and transformation partner for life and pensions companies in the UK. This aligns with their long-term vision and signifies their dedication to continuously improving their services.
Tata Consultancy Services to Transform Teachers’ Pension Scheme
In the first half of the year 2023, TCS has secured approximately four significant deals, including the recently announced contract with the Department for Education. The reported worth of the Marks & Spencer deal is $1 billion, indicating the scale and value of their partnerships in the UK market.
Moreover, on the domestic front, TCS, leading a consortium, has received an advanced purchase order of Rs 15,000 crore or $1.8 billion from the government-run telecommunication company BSNL.
This order aims to expand BSNL’s 4G network throughout India. The collaboration with BSNL further strengthens TCS’s position in the telecommunications sector and highlights their ability to undertake large-scale projects.
With a history spanning over five decades, TCS has achieved numerous milestones, including becoming the largest IT services company in India and one of the top employers in the country.
TCS is Known for its strong focus on innovation and technology, TCS has filed the highest number of patents among Indian companies and has pioneered the use of emerging technologies like artificial intelligence and blockchain.
Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS, expressed his delight in partnering with the Department for Education to digitally transform the administration of the Teachers’ Pensions Scheme.
TCS aims to provide an exceptional customer experience and become the preferred growth and transformation partner for life and pensions companies in the UK.
Additionally, TCS, along with a consortium, has received an advanced purchase order from BSNL to expand their 4G network across India, further solidifying their presence in the telecommunications sector.