TCS bags £234M Teachers' Pensions deal as Capita set to end 29-year run

On nan backmost of a £1.5 cardinal statement win, Tata Consultancy Services is astatine it again, bagging a £234 cardinal ($297 million) woody to administer nan UK's Teachers' Pension Scheme (TPS).

The scheme, tally by nan Department for Education connected behalf of nationalist and backstage schoolhouse teachers and their employers successful nan UK, presently relies connected Capita, which won a four-year, £60 cardinal ($76 million) extension to tally nan strategy until 2025 connected a statement it first signed successful 1996.

Last week, TCS won a £1.5 cardinal ($1.9 billion) deal pinch nan UK's National Employment Savings Trust (Nest), an occupational pensions scheme, without extracurricular competition, aft nan authorities decided to portion ways pinch French supplier Atos aft conscionable 18 months.

The Teachers' Pension Scheme has astir 2 cardinal members and collects contributions from much than 11,200 employers, while paying retired to complete 700,000 pensioners and beneficiaries. It is nan 2nd largest pension strategy successful nan UK aft nan NHS.

TCS floated nan triumph earlier this period but refused to merchandise nan winning figure, made disposable successful tender documents published connected Friday.

The existent TPS statement pinch Capita is owed to expire successful September 2025, and nan DfE said successful 2021 that it envisaged a modulation play from 2023 onward.

As portion of nan 10-year contract, TCS is expected to negociate nan strategy management services utilizing a "future-ready, digitally enabled, omnichannel platform," according to nan publicity blurb.

The first woody is worthy £173.9 cardinal ($221 million), pinch nan anticipation of 5 individual years' extensions bringing nan full to £233.9 cardinal ($297 million).

Procurement for nan caller woody began astir 2 and a half years agone erstwhile nan DfE began to "engage" nan marketplace pinch a prior accusation notice promising "an effective, afloat digital, personalized work to our members pinch our partners."

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Following nan statement win, TCS said it planned to grow its already important beingness successful nan UK life and pensions manufacture by establishing a work hub successful Darlington.

The Indian patient said it would employment its BFSI Platforms to support nan TPS administration. It provides "a cloud-native, as-a-service integer ecosystem," according to nan company's promotional material.

In a statement, Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, said: "Enhanced customer acquisition has been nan cornerstone of our platform's worth proposition to clients successful nan UK pensions industry. We will proceed to strategically put successful our level and prosecute our aspiration to beryllium nan preferred maturation and translator partner to life and pensions companies successful nan UK." ®