TCS bags 10-yr contract for managing Teacher's Pension Scheme in Eng, Wales

Tata Consultancy Services (TCS) today announced that it had bagged a 10-year contract from the Department for Education (DfE) to administer and further enhance customer experiences for the Teachers' Pension Scheme in England and Wales. The financial details of the deal were not disclosed.

The Teachers' Pension Scheme is the UK's second largest public sector pension scheme, with over 2 million members. TCS will manage the scheme administration services using a digitally enabled, omnichannel platform powered by TCS BaNCS. This will enable accurate administration of pension records, payment of benefits, effective scheme finance management, proactive member engagement and easy access to information.

TCS will deliver a digital-first, self-service pension experience, giving scheme employers and members anytime, any-channel access to their account information and personalised insights to help them better understand their pension plan and empower them to make informed decisions.

"We are delighted to partner with the Department for Education to digitally transform the administration of the Teachers' Pensions Scheme and deliver the best-administered UK public sector pensions scheme. The resulting service will be highly agile and responsive to the needs of its members and employers," said Vivekanand Ramgopal, president of BFSI Products & Platforms, TCS.

TCS is the largest provider of software, and IT services in the UK, with a large and diverse workforce, spread across 30 locations around the country. As part of the partnership with DfE, TCS plans to expand its already significant presence in the UK life and pensions industry by establishing a service hub in Darlington.

TCS BFSI Products and Platforms is an end-to-end digital ecosystem that powers life journeys, pensions/annuities, property/casualty and health insurance providers. This SaaS-first platform helps companies manage enterprise simplification, deliver superior, omnichannel customer experience and achieve digital transformation.