The National Employment Savings Trust (Nest) has enrolled more than one million people to its administration system, which is supplied and supported by Indian IT company Tata Consultancy Services (TCS).
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In March 2010, the Personal Accounts Delivery Authority (Pada) signed an agreement with TCS to use the its pension administration system, TCS BaNCS.
The Nest pension scheme was designed for low-income and middle-income citizens. It was set up after the government decided not enough people were saving for their old age.
Pada chose an off-the-shelf system from TCS to remove software development costs.
The deal was significant at the time, as it saw a big public sector contract go to an offshore supplier. The data has remained in the UK, as have front-line customer services. TCS stores data in the UK and makes it accessible from India under strict control.
Nest CEO Tim Jones said membership has grown from a few hundred to over one million in less than two years.
“The Nest scheme is centred on the core pension administration platform, TCS BaNCS. This has helped us meet our objectives by delivering a secure, scalable and robust solution offering flexibility, customisation, high performance and advanced functionality,” he said.
Through TCS’s specialist business process outsourcing subsidiary, Diligenta, insurance firm Phoenix Group is another BaNCS user. Phoenix migrated millions of customer records and administration systems to a cloud-based system from TCS in 2012.
In November 2011, Diligenta also won a deal with life insurer Friends Life, worth £1.37bn over 15 years. The deal saw 1,900 Friends Life staff transfer to the Indian service provider. From March 2012, Diligenta took over the administration of 3.2 million policies.