DUBLIN, October 29, 2024 – Tata Consultancy Services (TCS) announced that it has signed a groundbreaking 15-year agreement with the Department of Social Protection (DSP) in Ireland that is intended to implement the first-ever Auto Enrolment Retirement Savings Scheme in the country dubbed ‘My Future Fund’.
This pension scheme aims at offering easy savings for retirement for about 800, 000 Irish workers by providing an uncomplicated digital interface for retirement savings.
The plan’s goal is to enhance record-keeping functions, payment accuracy, and continued digital services through the use of TCS’s proprietary BaNCS™ system.
TCS’s Global Delivery Centre based at Letterkenny, Ireland will spearhead the implementation of the ‘My Future Fund’ scheme which plays a critical role in TCS’s growth prospects in Ireland’s economy.
Addressing the members, Deepak Chaudhari, TCS Ireland Country Manager, stated,
“This partnership is a fantastic opportunity for TCS Ireland to apply its deep contextual knowledge, Innovation and to participate in a national priority project.”
Minister for Social Protection Heather Humphreys was thankful for TCS’s capacity and stressed,
“I am glad to welcome TCS on board as the managed service provider for My Future Fund. TCS has relevant experience in this regard as it has provided such services in other countries as well.”
TCS draws on deep experience from its work with the National Employment Savings Trust (NEST) in the UK which has been supporting 13 million British workers since 2011.
With the integration of AI analytics and other technologies, this partnership seeks to deliver a digital pension that is data-driven, secure, and easy to use.
“To support the DSP for this major national program is a privilege and to me integrates within these wider issues of how digital change can be applied to public pension systems,”
Said Vivekanand Ramgopal, TCS President for BFSI Products & Platforms as he focused on the national significance of this partnership.
TCS’s participation in “My Future Fund” not only enhances the retirement model in Ireland but also exemplifies how AI-based technology has the ability to promote efficiency, transparency, and accessibility in finance.
The program marks a significant point in the pension reform process in Ireland, with DSP, TCS, and other partners ensuring that there is timely and quality delivery.
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