02 March 2010
Tata Consultancy Services (TCS) will administer the National
Employment Savings Trust (NEST). TCS became the only bidder left in
the race after Great -West Retirement Services (Europe) withdrew
from the competitive dialogue process in December last year. It
came just weeks after Logica UK pulled out of the running and after
Danish pension fund and administration provider ATP Group also
decided to withdraw in October last year.
The Personal Accounts Delivery Authority said the contract with
TCS will be signed later this month.
The contract is divided into two stages and runs for ten years,
with possible extensions for up to a further five years. The first
stage will run to October 2010, allowing TCS to begin the activity
required to set up and administer NEST.
Prior to the expiry of the first stage, a decision will be made
on whether to proceed with the contract for the remainder of the
contract term.
Tata Consultancy Services has grown to its current position as
the largest IT services firm in Asia.
