The UK-based National Employment Savings Trust has chosen Tata Consultancy Services to digitally revamp its scheme administration services, according to the company.
A representative for Nest stated that the deal's estimated worth (with future extensions) is £1.5 billion. According to TCS, the current 10-year contract is worth £840 million.
"We wish to inform that the contract value was signed for £840 million with an initial tenure of 10 years. The total maximum estimated value of the contract, if extended to the entirety of its eighteen-year tenure, will be £1.5 billion," TCS said in a note to exchanges.
With French provider Atos, Nest had terminated an 18-year, $1.8 billion IT transformation contract, which was announced in 2021. TCS was also one of the leading candidates for the contract and had taken over project management after it was discontinued.
“The contract will be for a minimum term of 10 years, with an optional extension period of up to 5 years, and the option of an additional period of up to 3 years for exit. The total contract value is indicative and covers this potential 18 year period,” said the Nest spokesperson. “It’s important to note this amount ( £1.5 billion) is the estimated total maximum value for the maximum duration of the contract, including extensions.”
The deal's announcement follows news last week that TCS had lost a significant client, Transamerica, who opted to outsource its need for IT service administration. The anticipated $1 billion Marks & Spencers agreement, the $700 million Phoenix Group deal, and the about $300 million Teachers' Pension Scheme deal are among the other significant contracts TCS has secured in the UK this year.
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