Tata Consultancy Services(TCS), an IT service company, has recently secured a 15-year contract with Ireland’s Department of Social Protection to manage the country’s new pension retirement savings program called “My Future Fund”. This scheme aims to save the future of the people of Ireland as approximately 800,000 Irish workers have been included in this retirement saving plan. TCS will use its TCS BaNCS digital program that will work as the main streamline for the enrollment process and will also maintain accurate records and handle benefits distribution. The whole project will be handled from TCS’s Global Delivery Centre which is located in Donegal, Ireland.
TCS has a great experience in managing similar large-scale pension systems, such as the UK’s National Employment Saving Trust (NEST), played a crucial role in its selection as then after Ireland passed its Automatic Enrolment Retirement Savings System Bill and concluded a selection process to find the right service provider. In the UK, TCS constructed a user-friendly and self-service model that helped over 13 million individuals save for retirement successfully. Now TCS aims to design a similar and effective pension scheme for Irish workers.
Heather Humphreys, Ireland’s Social Protection Minister, said that she has full confidence in TCS’s ability to handle the new system.TCS’s role will include collaborating with local authorities, payroll software developers, and revenue officials to ensure that “My Future Fund” operates smoothly and meets the highest standards.
The “My Future Fund” scheme is especially designed to offer various benefits.For workers, it provides a secure and manageable way to save for retirement, while for employers, it simplifies payroll contributions and administrative processes. This scheme also offers digital access to records and payment tracking that will enhance transparency and convenience for employees and pensioners alike. TCS Ireland’s Country Head, Deepak Chaudhary, highlighted that this opportunity has given TCS a meaningful chance to make a positive and lasting impact on Ireland’s financial infrastructure.
Overall, TCS’s involvement in “My Future Fund” shows its commitment to applying advanced digital solutions for large-scale public welfare projects.
