Indian tech giant Tata Consultancy Services (TCS) has won a 10-year contract to administer and enhance customer experiences for the Teachers’ Pension Scheme in England and Wales.
This is the United Kingdom’s second-largest public sector pension scheme, serving over 2 million members.
The exact financial size of the deal remains undisclosed. However, industry sources cited by Moneycontrol indicate that it is a substantial contract, reinforcing TCS’s position as a leading provider of IT services.
This latest development marks TCS’s third major deal in the region this year, following successful partnerships with insurer Phoenix Group and retail giant Marks & Spencer.
TCS Supremacy: From Tech To Pensions
TCS is expected to use its omnichannel platform powered by TCS BaNCS to manage the pension scheme’s administration services.
The platform will offer self-service capabilities, allowing users to access their account information anytime and from any channel, empowering them to make informed decisions regarding their pension plans.
The collaboration with the Department of Education presents an opportunity for TCS to further expand its already significant presence in the UK’s life and pensions industry.
The Moneycontrol report said that the company plans to establish a service hub in Darlington, solidifying its commitment to delivering high-quality services to clients nationwide.
TCS’s extensive workforce, spread across 30 locations in the UK, already underscores its position as the country’s largest provider of software and IT services.
This contract win further boosts TCS’s strong performance in the first half of 2023, with the company securing four major deals so far. One notable agreement is the $1 billion deal with the retail giant Marks & Spencer.
Not just in the UK, the tech giant has been growing in India too. TCS, in collaboration with a consortium, has been awarded an advanced purchase order worth Rs 15,000 crore (approximately $1.8 billion) by the government-run telecommunications company BSNL. This order will facilitate the expansion of BSNL’s 4G network across India.
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