The Department for Education (DfE) has agreed a 10-year contract with Tata Consultancy Services (TCS) for the company to manage the Teachers’ Pension Scheme for England and Wales.
While the company has not stated the value of the deal, the original tender document from the DfE estimated it at up to £180 million.
It will involve the use of the TCS BaNCS digital platform for administration of pension records, payment of benefits, scheme finance management, member engagement and the provision of information.
TCS said it will give scheme employers and members any-channel access to their account information and personalised insights into their pension plans.
It will also provide a service hub in Darlington.
Vivekanand Ramgopal, president, BFSI products and platforms at TCS, said: “We are delighted to partner with the Department for Education to digitally transform administration of the Teachers’ Pensions Scheme and deliver the best-administered UK public sector pensions scheme. The resulting service will be highly agile and responsive to the needs of its members and employers.”
The Teachers’ Pension Scheme is the second largest public sector pension scheme in the UK with over two million members.
