India's largest software service provider Tata Consultancy Services (TCS) on Wednesday, June 21, signed a contract worth 840 million pounds ($1.1 billion) with Nest, UK's largest workplace pension scheme, for an initial tenure of 10 years.

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The total maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be 1.5 billion pounds, TCS said in an exchange filing.

The contract is to digitally transform Nest’s scheme administration services, delivering enhanced member experiences and furthering the scheme’s mission of delivering better retirement outcomes for people across the UK.

The partnership will deliver enhanced member experiences and further the scheme's mission of delivering better retirement outcomes for people across the UK. Nest and TCS have worked closely since 2011 when the digital, auto-enrolment pension scheme was first launched.

Responsible for end-to-end administration services across all aspects of the scheme, TCS built a greenfield operation with a user-friendly, multi-channel, self-serve model, and a robust core that easily scaled as Nest became the provider for millions of workers saving for their retirement.

As part of the partnership, TCS will help Nest transform its administration services, using a future-ready, digitally-enabled omnichannel platform powered by TCS BaNCS. Its digital-first architecture provides APIs to enable easy integration with ecosystem partners, such as payroll providers and fintechs.

It will leverage the latest technologies and data analytics to deliver personalised, self-directed experiences to members. This will enable Nest’s 12 million members and one million employers to access the right information at the right time, in the way that suits them best.

Gavin Perera-Betts, Chief Customer Officer at Nest, said, "I'm looking forward to continuing our journey with TCS and exploring the opportunities ahead of us. We have a strong foundation after many years of working together and they’ve proven their ability to deliver successfully for a scheme the size and complexity of Nest."

TCS BFSI Platforms is an end-to-end digital ecosystem that powers the journeys of life, pensions/annuities, property/casualty, and health insurance providers. This SaaS-first platform helps companies manage enterprise simplification, deliver superior customer experience, and achieve digital transformation.

"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," said Vivekanand Ramgopal, president of BFSI products and platforms, TCS.

Shares of Tata Consultancy Services Ltd ended at Rs 3,257.45, up by Rs 30.25, or 0.94 percent on the BSE.

(Edited by : Shoma Bhattacharjee)