“India’s Tata Company Takes Charge of Managing Ireland’s New Pension Scheme”
Dublin: India’s Tata Consultancy Services (TCS) has been awarded a €150 million contract to manage Ireland’s new pension scheme, an auto-enrollment system aimed at enhancing retirement savings and financial security for the Irish workforce. Both Irish and Indian media outlets report that TCS has been selected as the government’s partner to implement this system, with an official announcement of the 10-year agreement expected soon.
TCS’s selection is attributed to its success in managing a similar auto-enrollment system established by the UK government a decade ago. The new Irish pension scheme targets workers aged 23 to 60 who earn at least €20,000 annually. For every euro contributed by workers, the government will also contribute one euro. The scheme will also include an opt-out facility.
The estimated cost to the government for the first year of the auto-enrollment scheme is €138 million, which is projected to rise to €760 million over ten years, according to the Department of Social Welfare.
TCS, which established its Dublin office in 2001, now has over 100 consultants in Ireland. The company expanded its presence in Ireland by acquiring Pramerica Systems Ireland from Prudential Financial Inc. (PFI) in 2020 and opening a global delivery centre in Letterkenny, which employs workers from 35 countries.
In addition to the auto-enrollment scheme, TCS is actively involved in several projects in Ireland. These include a partnership with AIB Life, a joint venture between Allied Irish Banks Plc and Great-West Lifeco, which provides AIB’s 3.2 million customers access to financial advice and integrated life protection, pension, and investment products through branches, phones, and the AIB Mobile Banking app.
TCS also collaborates with local educational institutions such as Queen’s University Belfast, the University of Ulster, Letterkenny IT, Sligo IT, and NUI Galway.
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