The UK Department for Education (DfE) has selected India-based IT firm Tata Consultancy Services (TCS) to administer and improve customer experiences for the Teachers’ Pension Scheme in England and Wales.
Under the 10-year contract, TCS will manage the scheme administration services of the public sector pension scheme by using a future-ready and digitally enabled omnichannel platform which is backed by the TCS BaNCS core banking software suite.
TCS’ administration is expected to allow accurate administration of pension records, efficient scheme finance management, payment of benefits, proactive member engagement, and seamless access to information.
The company aims to provide a digital-first and self-service pension experience, enabling scheme employers and members to have any-time and any-channel access to their account information.
Besides, TCS expects to provide scheme employers and members with tailored insights to assist them to understand their pension plan better and equip them to make informed decisions.
As part of the collaboration with the DfE, TCS seeks to extend its presence in the UK life and pensions sector by setting up a service hub in Darlington.
TCS BFSI products and platforms president Vivekanand Ramgopal said: “The resulting service will be highly agile and responsive to the needs of its members and employers. 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 in our platform and pursue our aspiration to be the preferred growth and transformation partner to life and pensions companies in the UK.”
Recently, TCS BaNCS platform was selected by Sweden-based Ikano Bank to transform the latter’s pan-Europe core banking. The partnership is aimed at supporting Ikano Bank to develop multi-country capabilities on a single core banking platform.