The Nest contract is worth £840 million with an initial tenure of 10 years. There’s an option to extend the tenure by eight years. If extended, the total value of the contract in its 18-year tenure would be £1.5 billion.
The contract is an expansion of the two companies’ partnership. TCS will focus on digitally transforming Nest’s scheme administration services, delivering enhanced member experiences and furthering the scheme’s mission of delivering better retirement outcomes for people across the UK.
Nest and TCS have worked closely since 2011 when the digital, auto-enrolment pension scheme was first launched.
“This (new contract) puts us in an excellent position to further advance our operations and build a truly digital offering that delivers a superior customer experience long into the future,” said Gavin Perera-Betts, chief customer officer at Nest.
Vivekanand Ramgopal, president, BFSI products and platforms in TCS, said the “purpose-driven partnership between Nest and TCS resulted in an immensely successful pension plan for the UK workforce, that is now a global benchmark on how an innovative, user-friendly, auto enrolment pension scheme should be run.”
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