PADA contract now in TCS's piggy bank
By siliconindia   |   Monday, 15 November 2010, 16:03 IST
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Mumbai: After much speculation, the UK's coalition government awarded the administration of the 10 year state pension scheme to Software exporter Tata Consultancy Services (TCS) for a contract of 600 million pounds. The official announcement was done by the NEST Corporation which confirmed that the contract will be until June 30, 2020, with the option to extend it for a further five years. N Chandrasekaran, CEO and MD, TCS said that it was another feather added to their hat with the project Personal Accounts Delivery Authority (PADA), been awarded to them by the labor government though they went through a lot of criticism from the Conservatives. This deal also confirms that Indian outsourcing vendors will be well-considered from now on by the new government in the UK as it cuts down cost up to 83 billion pounds. "TCS is delighted that the government and the National Employment Savings Trust (NEST) have chosen to move forward with the second stage of the Scheme Administration service contract which continues to build on the work already started in stage one. TCS believes that this project will have a significant and positive effect on millions of people in the UK in helping them save for their future," said Chandrasekaran. The PADA contract will be executed in two phases, with the first phase being worth only a fraction of the total contract at around 25 million pounds. The essential features of the scheme administration will be including web-based enrolment, record keeping, contribution collection and details of each individual's retirement fund. "This is the first of a series of announcements that NEST will make over the coming months, as we complete our preparations for accepting business from volunteer organizations from the second quarter of next year," added NEST Corporation.

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