The coalition government in the UK has confirmed the 10-year contract for administration of the state pension scheme awarded to India’s top software exporter Tata Consultancy Services (TCS), ending months of uncertainty over it. The contract is valued at around £600 million (over 4,000 crore).
The confirmation of the deal also indicates that Indian outsourcing vendors will be well-considered by the new government in the UK, as it embarks on a drive to cut a massive £83 billion in spending. NEST said it confirmed the long-term contract for the administration of the pension scheme until June 30, 2020, with the option to extend it for a further five years. The PADA contract consists of two phases with the first phase being worth only a fraction of the total contract at around £25 million.