Tata Consultancy Services (TCS) has been selected to administer and further enhance the customer experience for the Teachers' Pension Scheme in England and Wales. The IT major has been awarded a 10-year contract to manage the second-largest pension scheme in the UK using a platform powered by TCS BaNCS.
According to a regulatory filing, this will enable accurate administration of pension records, payment of benefits, effective scheme finance management, proactive member engagement, and easy access to information.
Notably, TCS is the largest provider of software and IT services in the UK. It will work in partnership with the Department for Education (DfE).
"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 and Platforms at TCS.
"We will continue to strategically invest in our platform and pursue our aspiration to be the preferred growth and transformation partner to life and pensions companies in the UK," he added.
The platform will offer a self-service pension experience to the pensioners, giving scheme employers and members round-the-clock, any-channel access to their account information, along with personalized insights to help them understand their pension plan better.