DUBLIN, IRELAND, and MUMBAI, INDIA — Tata Consultancy Services (TCS) announced a 15-year contract with Ireland’s Department of Social Protection (DSP) to implement and maintain the nation’s new automatic enrollment pension system “My Future Fund.” This digital solution will help around 800,000 workers in Ireland automatically enroll in retirement savings, providing a secure and accessible platform for managing pensions.
The My Future Fund will enhance pension record-keeping, ensure timely payments, and provide employers and pensioners with improved digital access to account information, streamlining the process for all stakeholders.
TCS brings global experience in pension management
While exact contract terms remain confidential, sources indicate significant investment. Reports in June 2024 suggested a 10-year deal estimated at €150 million ($163 million). An analyst from the Economic Times later valued the 15-year contract at approximately $245 million. TCS plans to leverage its global experience, including similar digital transformation projects in the UK, to create an efficient and user-friendly system for Ireland.
TCS President of BFSI Products and Platforms, Vivekanand Ramgopal, stated, We are privileged to partner with the Department of social protection for a nationally significant programme such as the digital auto enrolment pension scheme. We look forward to partnering with the Department and the new NAERSA organisation to implement the scheme.”
Ireland’s leadership confident in project success
Heather Humphreys, Ireland’s Minister for Social Protection, welcomed TCS’s appointment, noting its experience in delivering similar services internationally. She emphasized the government’s commitment to working alongside TCS, revenue commissioners, and payroll software developers to deliver My Future Fund with the highest quality and on schedule.
TCS has successfully managed similar projects, notably the UK’s National Employment Savings Trust (NEST), since the British government’s introduction of a digital auto-enrollment scheme in 2011. This experience is expected to ensure Ireland’s rollout is efficient, offering valuable retirement savings options to workers across the country.
