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Britain’s pension contract with TCS invites criticism

Britain’s pension contract with TCS invites criticism
PTI
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First Published: Wed, Mar 10 2010. 04 48 PM IST
Updated: Wed, Mar 10 2010. 04 48 PM IST
London: The proposed multi-year contract between TCS and the UK government for administering its employment savings trust has evoked adverse comments from some British websites, one of which even suggested the deal could be reviewed if there is a change of guard in the government after the May elections.
The British’s Personal Accounts Delivery Authority (PADA) earlier this month had said it would sign a contract with Tata Consultancy Services to administer the National Employment Savings Trust(NEST).
The Personal Accounts Delivery Authority is a non-departmental public body in Britain.
According to the website www.moneymarketing.co.uk, the Conservatives have attacked the decision to sign the contract for NEST administration before the general elections.
The website quoted Conservative’s shadow pensions minister Nigel Waterson as saying, “he is amazed that contract would be signed so quickly and stressed that this would not inhibit a Tory review of the scheme if they get into power”.
“We wish to make it clear that our review of NEST, should we win the elections, will not be constrained in any way by any contract signed by this government in its dying days,” Waterson was quoted as saying in the report.
When contacted, TCS declined to comment on the issue.
Another website, www.citywire.co.uk, has reported that the “ahead of schedule” contract between PADA and TCS will cost the “taxpayer £25 million, even if the next government axes the NEST.”
According to the report, TCS has been contracted to run NEST at a cost of about £600 million.
The www.citywire.co.uk in a report has quoted Waterson as saying that he was told about the TCS contract just hours before it was announced. “We find the fact the government is pushing on without any consensus just weeks before a general election is just extraordinary,” he had said.
The contract would be divided into two stages and runs for ten years.
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First Published: Wed, Mar 10 2010. 04 48 PM IST