NEST Enrolls More Than One Million Members on TCS BaNCS as Part of the UK’s Workplace Pension Reforms

TCS BaNCS customer, National Employment Savings Trust (NEST) in the UK, has crossed the 1 millionth member mark. NEST was established under UK law as part of the UK government’s workplace pension reforms that require all UK employers to enroll their eligible workforce into a qualifying workplace pension scheme and make contributions along with the

Editorial Team
August 21, 2014
2 minutes

Tagged under:
InsurTech

TCS BaNCS customer, National Employment Savings Trust (NEST) in the UK, has crossed the 1 millionth member mark.

NEST was established under UK law as part of the UK government’s workplace pension reforms that require all UK employers to enroll their eligible workforce into a qualifying workplace pension scheme and make contributions along with the employee contribution component. The reforms started in October 2012 and are being rolled out to UK employers over the next three years.

Tim Jones, Chief Executive Officer, NEST, said, “NEST membership has grown from a few hundred members to over one million in under two years. The TCS solution has been invaluable in helping NEST deliver the service and functionality we needed whilst having the capacity to deal with exponential increases in both employers and members coming to us. The NEST scheme is centred on the core pension administration platform, TCS BaNCS for pensions. This has helped us meet our objectives by delivering a secure, scalable and robust solution offering flexibility, customization, high performance and advanced functionality. Reaching this member milestone is an important moment for us, but there’s a lot more to do to make sure that the millions more people due to be enrolled over the next few years continue to receive and have access to a great pension scheme, giving them a helping hand to save for their future.”

Vijaya Deepti, Vice-President, TCS Financial Solutions, said, “TCS has been the IT solutions partner and administrator for the NEST Scheme since 2010. NEST went operational with volunteer employers in July 2011, beating by 15 months the official deadline of commencing full-scale operations in October 2012. The enrollment of the millionth member on April 1, 2014, is a significant milestone for NEST, and TCS is extremely proud of this partnership and program. More importantly, being a part of the UK Government’s ”Digital by Default” initiative gives added impetus to TCS Digital Re-imagination program that has a connected simplified customer experience at its core”.