The IT major said in a filing with BSE that this initiative will provide a comprehensive, end-to-end digital solution for automatic enrolment of nearly 800,000 workers in Ireland.
While TCS didn’t disclose the deal value, Irish Times in June reported that TCS is expected to seal the same contract for 10 years at €150m.
An IT analyst on the condition of anonymity said that the contract is pegged around $245 million for 15 years. Questions mailed to TCS didn’t elicit a reply till the time of going to press.
TCS said that it will leverage its TCS BaNCS platform and ecosystem to oversee the administration of the scheme, enabling seamless enrolment, record management, and benefit disbursement.
The IT firm will deliver the services through TCS’ global delivery centre in Letterkenny, County Donegal, Ireland. TCS bagged the project following the passing of the automatic enrolment retirement savings system bill in Ireland earlier this year.
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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 bagged similar deals in UK and other markets and have managed the National Employment Savings Trust (NEST) since the UK government launched a digital auto-enrolment scheme in 2011.
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Vivekanand Ramgopal, President, BFSI products and 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.”
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