IT services major Tata Consultancy Services (TCS) has announced a 15-year partnership with the Irish Department of Social Protection to implement and support a new auto-enrollment retirement savings program called ‘My Future Fund’ .

The initiative, aimed at making it easier for around 800,000 workers in Ireland to save for retirement, will provide a comprehensive digital solution for auto-enrolment, records management and benefit disbursement. This digital transformation will be managed through TCS‘ Global delivery center in Letterkenny, County Donegal, Ireland.

Although the financial terms of the transaction were not disclosed, long-term contracts of this nature are generally classified as large transactions.

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The project follows the recent enactment of Ireland’s Auto-Enrollment Retirement Savings Scheme Bill, and TCS was chosen for the contract following a competitive tender process.

The My Future Fund program will enable thousands of workers to save and invest for their future. This system will support employers, operational staff and retirees by improving pension records management, ensuring timely payments, improving financial administration of programs and providing easy digital access to information.

“I am pleased to welcome TCS on board as a managed services provider for My Future Fund. TCS has a wealth of relevant experience, having provided similar services in other countries,” said Heather Humphreys, Irish Minister for Social Protection. “My officials and I will work closely with TCS, Revenue Commissioners and payroll software developers to ensure that My Future Fund is delivered on time and to the highest standards.”

The company has experience with similar programs in other regions, including the United Kingdom, where TCS has managed the National Employment Savings Trust (NEST) since its launch in 2011. The company has designed a user-friendly and self-service solution for NEST, which supports the retirement savings of more than 13 million workers.

“TCS has the expertise and experience in delivering critical transformation projects across the UK and Ireland. We will take advantage of this experience and our knowledge of walk making the pension system more accessible, transparent and efficient for Irish workers,” said Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS.

Additionally, Deepak Chaudhari, Country Manager of TCS Ireland, said: “This partnership is a fantastic opportunity for TCS Ireland to apply its deep contextual knowledge and innovation, contributing to a project of national significance that will have an impact sustainable. »