(Photo : TCS)

• Tata Consultancy Services (TCS) has partnered with Ireland's Department of Social Protection to digitize the country's pension system.
• The 15-year deal will facilitate the automatic enrolment of nearly 800,000 workers in Ireland.
• TCS will use its TCS BaNCS platform to oversee the administration of the scheme, including enrolment, record management, and benefit disbursement.
• This partnership underscores the growing trend of digitalization in social protection systems worldwide, with TCS at the forefront.

In a significant development that promises to revolutionize Ireland' s pension system, Tata Consultancy Services (TCS) has announced a 15-year partnership with Ireland's Department of Social Protection (DSP). This landmark deal aims to digitize the pension system, thereby facilitating the automatic enrolment of nearly 800,000 workers in Ireland. TCS, a global leader in IT services, consulting, and business solutions, will leverage its extensive experience in delivering similar national programs to launch Ireland's 'Auto Enrolment Pensions Scheme'. This initiative will provide workers with a robust platform for retirement savings, marking a significant step forward in the country's social protection measures.

A Collaborative Effort for a Brighter Future

Heather Humphreys, Minister for Social Protection, expressed her confidence in TCS's capabilities, stating, "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." The IT services giant will utilize its TCS BaNCS platform and ecosystem to oversee the administration of the scheme. This includes seamless enrolment, efficient record management, and timely benefit disbursement. The services will be delivered through TCS' Global Delivery Centre in Letterkenny, Co Donegal, Ireland.

Vivekanand Ramgopal, President, BFSI Products and Platforms at TCS, emphasized the company's commitment to making the pension system more accessible, transparent, and efficient for workers in Ireland. He said, "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."

A New Era for Pension Systems

This project comes on the heels of the passing of the Automatic Enrolment Retirement Savings System Bill in Ireland earlier this year. It also follows the conclusion of a rigorous tender process by the Department of Social Protection. The "My Future Fund" pension scheme, as it is called, will enable thousands of workers to save and invest for their future. The system is designed to benefit everyone involved, from employers and operational staff to pensioners. It aims to improve pension record management, ensure timely payments, manage scheme finance effectively, and provide easy digital access to information.

TCS has a long-standing presence in the UK and Ireland, having set up operations nearly 50 years ago. The company works with 200 of the region's best-known businesses, including British Airways, Primark, Aviva, Sainsbury's, Nationwide, M&S, Asda, and Boots. This is not the first time TCS has been involved in such a transformative project. The company has experience with similar schemes in the UK and other markets. Notably, it managed the National Employment Savings Trust (NEST) since the UK government launched a digital auto-enrolment scheme in 2011. TCS created a digital design for NEST, implementing a user-friendly, self-serve model that supports over 13 million workers saving for retirement.