Tata Consultancy Services (TCS) has secured a 15-year contract with the Department of Social Protection to implement and support the country's new pension auto-enrolment system.
Under the Auto Enrolment Retirement Savings Scheme, known as the My Future Fund, around 800,000 workers who are not already members of a pension will be automatically enrolled into one next year.
TCS has experience with similar schemes in the UK and other markets, having managed the National Employment Savings Trust (NEST) since the UK government launched a digital auto-enrolment scheme in 2011.
It created a digital design for NEST, implementing a model that supports over 13 million workers saving for retirement.
"My officials and I will be working hard alongside TCS, the Revenue Commissioners and payroll software developers to make sure that My Future Fund is delivered on time and to the highest standard," said Heather Humphreys, Minister for Social Protection.
Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS said the new pension scheme will enable thousands of workers to save and invest for their future.
"The system will benefit everyone involved, from employers and operational staff to pensioners, by improving pension record management, timely payments, effective scheme finance management, and providing easy digital access to information," he added.
TCS has a presence in Ireland, in Letterkenny, where it has a global delivery centre that employs around 1,200 people.
