Capita has been replaced as the pensions administrator of M&G Prudential after an open market tender.
According to documents published a decade ago, the value of Capita’s contract when signed was worth around £720m over 15 years.
The provider says TCS were the frontrunners to win the contract and improvement in services will help independent financial advisers.
It adds creating a more digitally enabled and customer centric business are key parts of the proposition.
M&G Prudential chief executive John Foley says: “Strategic partnerships are an important part of our five-year plan to improve customer outcomes through the £250m capital investment our shareholders are making in the business.
“This partnership with TCS is an essential element of our strategy to create a digitally-enabled business. Our customers will receive a better service – day in, day out – as a result and our colleagues will be better equipped to provide that service more efficiently.”