TCS Letterkenny winning bid to deliver government pension scheme 'a major boost'
The Automatic Enrolment Retirement Savings System Bill 2024 was passed by both Houses of the Oireachtas this week and will now be sent to President Michael D Higgins to be enacted
The selection of Tata Consultancy Services (TCS) in Letterkenny to manage the government's automatic enrolment pension scheme has been described by Donegal minister, Charlie McConalogue, as a major boost to the company and the North West.
The Automatic Enrolment Retirement Savings System Bill 2024 was passed by both Houses of the Oireachtas this week and will now be sent to President Michael D Higgins to be enacted.
Reacting to the decision, the Minister for Agriculture, Food and the Marine said the Bill provides for a new retirement savings scheme for workers who are not already members of a pension scheme.
“The Bill aims to increase pension coverage and overall pension adequacy in Ireland. Ireland is the only OECD country that does not yet operate an Auto Enrolment or similar system as a means of promoting pension savings. Auto Enrolment has been in the pipeline for some time, and I’m absolutely delighted that a global delivery centre in Letterkenny has been selected as the preferred bidder to provide this administration as a managed service,” he commented.
“This scheme will be of great benefit and will grow and develop in the years ahead. Congratulations to everyone at TCS on emerging as the winning bidder and I look forward to more jobs being created through this scheme. This is a major boost to
TCS who are such a large employer locally, and to the overall region. For the last 50 years, TCS has been partnering with many of the world’s largest businesses and I wish them every success with their latest project."
TCS’s Letterkenny centre employs close to 1,400 people and provides a variety of services including pension administration, cyber security, IT support, and customer service.
TCS has been the pensions administration provider for NEST in the UK since 2011. Although distinct in design, NEST (the National Employment Savings Trust) is the UK Government’s equivalent of the Auto Enrolment Scheme. It currently services approximately 13 million participants.