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Wednesday 15 May 2019

NEST seeks pensions admin partner for next phase

NEST logoThere’s a big opportunity on the horizon for providers of pensions administration services. The National Employment Savings Trust (NEST), the national administrator for auto-enrolment processes, has issued a contract notice seeking a provider to step into the role currently undertaken by Tata Consultancy Services (TCS).

The initial contract is for a ten-year period. However, if all extension options are exercised, the contract could last as long as 18 years and be worth up to £1.5b.

TCS signed its outsourcing contract back in March 2010 and auto enrolment commenced in 2012. Following extension, TCS’ contract is due to end in 2023.

Any new provider will be expected to provide the full gamut of outsourced administration services: enrolments, pension contribution collection, account management, savings access provision, employer participation support and the passing of funds to the administrator. It is a large undertaking; NEST now has 8m members, 730K employees and £6b of assets under management.

What is clear is that NEST wants further digital enhancement of the service, allowing it to be a primarily digitally-delivered service; any provider will need to prove that it will keep pace with changes to the savings sector, to technology and to customer expectations by drawing on emerging technologies in areas like deep data analytics.

Anyone hoping to step into TCS’ shoes would do well to read TechMarketView’s report published last year: Life & Pensions BPS Strategies for Success. You will find an in-depth look at TCS’ approach to the contract and the achievements to date. What is clear is that it will be tough to take the delivery to the next level.

Over the last ten or so years, TCS, building on its BaNCs platform, has established an already incredibly lean operation. It has also already digitised many processes, with digital levers implemented across all channels. Understanding the long-term potential of NEST to expand its remit, TCS has taken a long-term view which has allowed NEST to invest ahead of the digital adoption curve.

 Naturally, NEST is looking to achieve value for money as it shapes its administration for the next decade or more; with the low-hanging fruit picked, bidders will need to think carefully about how easy it will be to implement more advanced digital tech for future success.

Posted by Georgina O'Toole at '10:05' - Tagged: public+sector   contract   bpo   pensions   administration   digitalservices   digital+transformation   financial+services  

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