UK govt okays TCS' 10-yr pension revamp contract

The uncertainty around the Rs 4,300-crore deal awarded to Tata Consultancy Services (TCS) to administer Britain’s National Employee Savings Trust has come to an end, after the government gave a go-ahead.

Britain’s Personal Accounts Delivery Authority (Pada), which had awarded TCS the deal to administer the NEST for a 10 years, has confirmed the long-term contract. And, provided an option to extend the deal for up to five years beyond.

“I welcome this contract as the next significant milestone for workplace pension reforms and automatic enrolment. We are on track for delivery of the reforms from 2012. NEST will offer access to a good quality workplace pension scheme to many people who would not otherwise have the opportunity to save for their retirement,” said Steve Webb, the country’s minister for pensions.