Kochi: Tata Consultancy Services (TCS) has been named as the successful bidder for the National Employment Savings Trust (NEST) scheme administration services of the UK Government. The Personal Accounts Delivery Authority (PADA) would sign a contract with TCS later this month.
PADA is a non-departmental public body accountable to the UK Parliament and reports, through a Board, to the Secretary of State for the Department for Work and Pensions. PADA is setting up a national, trust-based pension scheme called NEST that will help millions of people on low and moderate incomes, who do not have access to a good-quality workplace pension, save for their retirement.
In a press release N Chandrasekaran, CEO & MD, TCS said, “TCS is delighted to be confirmed as the preferred bidder to deliver the NEST scheme administration solution and services. This project will make a difference to millions of people in the UK and we are fully committed to it. Our selection as the preferred bidder demonstrates our strong domain and solution expertise and highlights our commitment to the UK public sector. We are happy to be part of a project that benefits the broader UK economy by helping create real value for UK society and delivering world class services to its citizens.”
Tim Jones, Chief Executive, PADA said, “As we proceeded through our detailed procurement process TCS emerged as an extremely strong bidder, both in terms of their capabilities in pension administration and in their ability to provide value for money for NEST members. Signing the contract early, in stages, allows us to get on with our work to deliver NEST.”
The contract is divided into two stages and runs for 10 years, with possible extensions for up to a further five years. The first stage will run to October 2010, allowing TCS to begin the activity required to set up and administer NEST.
Kerala IT News