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TCS wins 10-year mandate for UK’s second-largest pension scheme

Tata Consultancy Services (TCS) has been chosen by the Department for Education (DfE) to administer and improve customer experiences for the Teachers’ Pension Scheme in England and Wales. The IT services company has secured a 10-year contract to manage the scheme administration services using its future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS™.

It is worth noting that as the second largest public sector pension scheme in the UK, the Teachers’ Pension Scheme boasts over 2 million members. TCS’s platform will facilitate accurate administration of pension records, seamless benefit payments, effective scheme finance management, proactive member engagement, and easy access to information.

TCS aims to deliver a digital-first, self-service pension experience, providing scheme employers and members with anytime, anywhere access to their account information. The platform will also offer personalized insights to help individuals gain a better understanding of their pension plan, empowering them to make informed decisions, the statement from the company said.

In order to support this partnership, TCS plans to establish a service hub in Darlington, expanding its existing presence in the UK life and pensions industry. The company has a significant workforce spread across 30 locations throughout the country.

Vivekanand Ramgopal, President of BFSI Products and Platforms at TCS, said, “Enhanced customer experience has been the cornerstone of our platform’s value proposition to clients in the UK pensions industry. We will continue to strategically invest inour platform and pursue our aspiration to be the preferred growth and transformation partner to life and pensions companies in the UK.” BusinessToday

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