The Department of Social Protection of the Government of Ireland has selected TCS as its preferred partner to build and run the system for its landmark auto-enrolment (AE) pension scheme, according to reports by both Irish and Indian media outlets.
The awarding of the 10-year contract, which is valued at up to €150 million (~ US$160.4 Mn), is expected to be finalised within weeks.
The proposed auto-enrolment scheme will apply to individuals aged between 23 and 60, earning at least €20,000 annually. For every €3 contributed by a worker, their employer will match the amount, and the State will add an additional €1. Participants will have the flexibility to opt out during specific windows.
The Irish Department of Social Protection estimates that the State's cost for the auto-enrolment scheme will be approximately €138 million in its first year of operation (2025), increasing to €760 million by the tenth year.
Additionally, TCS has a successful track record, having previously established and managed a UK auto-enrolment system over a decade ago. The company has been operating in Ireland for more than two decades and opened a global delivery center in Letterkenny in 2020.
This initiative aims to enhance retirement savings and financial security for Irish workers.
Tata Consultancy Services (TCS) has a significant presence in Ireland, contributing to the country's technology landscape. TCS first set up an office in Dublin in 2001. Over the years, it has expanded its operations and now operates with over 100 consultants in Ireland. The company's Global Delivery Centres support its activities in the region.
Besides this auto-enrolment scheme project, Tata Consultancy Services (TCS) has been actively involved in several projects in Ireland. To recall, TCS played a pivotal role in helping AIB life, a joint venture between Allied Irish Banks plc and Great-West Lifeco, launch operations in Ireland. The two built a future-ready, digitally enabled platform using TCS BaNCS. This platform allows AIB's 3.2 million customers to access financial advice and a range of integrated life protection, pensions, and investment products through branches, phone, and the AIB mobile banking app. TCS BaNCS' configurability enables AIB life to innovate and differentiate itself in the Irish market.
Moreover, TCS collaborates with local institutions such as Queen's University Belfast, Ulster University, Letterkenny IT, Sligo IT, and NUI Galway. The Indian IT services giant also hire staff with international experience, resulting in a diverse workforce representing 35 different nationalities at their Letterkenny operations.
An Tánaiste (Deputy Prime Minister) and Minister for Enterprise, Trade, and Employment, Leo Varadkar TD, commended TCS's continued investment in Ireland during a visit to their Global Delivery Centre in Letterkenny, Co. Donegal.
In 2020, TCS acquired Pramerica Systems Ireland from insurance firm Prudential Financial Inc (PFI), further strengthening its presence. Since then, TCS has continued to invest in its Irish workforce, equipping employees with the latest skills. The company operates a Global Delivery Centre in Letterkenny, servicing more than 25 global and local customers.
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