The deal aims to digitally transform Nest’s pension scheme administration services. Credit: ESB Professional via Shutterstock.

Indian IT services provider Tata Consultancy Services (TCS) has signed a £840m ($1.07bn) deal with UK’s workplace pension scheme Nest.

The contract, which will have an initial tenure of ten years, is aimed at digitally transforming Nest’s scheme administration services. 

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If extended to the entirety of its 18 year tenure, the total maximum estimated value of the contract will be £1.5bn, TCS said in a stock filing. 

TCS will assist Nest in transforming its administration services by using a digitally enabled, omnichannel platform powered by TCS BaNCS.

The platform leverages a ‘digital-first’ application programming interface (API) for integration with partners, and advanced technology and data analytics to offer a personalised experience.

TCS president, BFSI products & platforms Vivekanand Ramgopal said: “The purpose-driven partnership between Nest and TCS resulted in an immensely successful pension plan for the UK workforce, that is now a global benchmark on how an innovative, user-friendly, auto-enrolment pension scheme should be run. 

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“We are delighted to further expand this long-standing partnership with Nest and support them in pushing the boundaries in offering compelling omnichannel member experiences to the new generation of workers entering the workplace.”

TCS and Nest have been working together since 2011.

Nest chief customer officer Gavin Perera-Betts said: “We have a strong foundation after many years of working together and they [TCS] have proven their ability to deliver successfully for a scheme the size and complexity of Nest. 

“This puts us in an excellent position to further advance our operations and build a truly digital offering that delivers a superior customer experience long into the future.”

Last week, US-based insurance holding company Transamerica ended its $2bn contract with TCS due to a challenging macro environment.