The National Employment Savings Trust (NEST) enrols one-millionth member on TCS BaNCS for pensions as part of its next-generation pension reform scheme.
NEST is non-departmental public body that is accountable to the Parliament of UK through the Department for Work and Pensions. The NEST scheme is a contribution-based, self-service-driven, national workplace pension scheme that enables employers to automatically enrol workers in line with the Pensions Reforms in UK.
NEST was tasked with setting up and running a workplace pensions aimed at low-to-moderate earners. It was to be a next-generation pension reform scheme that encourages employers to enroll their eligible workforce into a qualifying workplace pension scheme and make contributions along with the employee contribution component. NEST needed a partner with a proven track record in UK life and pension service delivery and the capabilities to provide IT, IS and Business Process Services, and to build the scheme from the ground up.
NEST selected Tata Consultancy Services as its IT solutions partner and scheme administrator, with TCS BaNCS for Insurance sitting at the heart of the scheme. The entire TCS solution encompasses ‘Full Services Play’, leveraging IT services, technology, and infrastructure and BPS services. TCS BaNCS is highly customizable, secure and scalable and is the core solution at NEST with other readily customizable off-the-shelf products from leading vendors and strategic alliance partners from TCS forming the periphery of the greater implementation.
TCS BaNCS enabled 95% Straight-Through-Processing and self-service enablement via multiple channels resulting in a low operational footprint. This highly successful workplace pension scheme resulted in NEST gaining 30% market share in auto-enrolment in the UK. Not just that, NEST stands out in the pension scheme in UK for many firsts, some of which are listed here:
- The largest automatic enrolment provider in the UK
- 1st true e-Pensions Scheme (95% Transactions fulfilled through Digital channels)
- 1st in the industry to provide opt outs (for employees) via IVR
- 1st in the industry to provide Web Chat (Live Help) as a customer service channel
- 1st in the industry to provide a free online hub (NEST Connect) for intermediaries to connect with NEST
- 3% reduction in the average cost of pension scheme administration
- 1st in the industry to integrate with payroll provider platforms through NEST Web Services
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