The global retirement administration business has revealed a new partnership poised to improve value for clients.
MUFG Pension & Market Services has announced a partnership with Tata Consultancy Services (TCS), with the two companies aiming to “redefine the superannuation and pension services landscape”.
In a joint statement, MUFG and TCS said that a memorandum of understanding (MOU) will see MUFG’s dedicated retirement solutions business, with TCS’ services and technological capabilities, deliver combined solutions and product propositions for the sector.
According to the pair, it will additionally expand each company’s reach in Australia, New Zealand, and other mutually agreed global markets.
Commenting on the partnership, MUFG CEO and managing director, Vivek Bhatia, said: “This alliance with TCS represents a pivotal step for our MUFG Retirement Solutions business, which services over 130 clients globally, comprising 12.5 million members and approximately $865 billion in retirement savings.
“By combining our deep industry insights with TCS’ technological prowess, we are poised to deliver groundbreaking solutions that elevate the superannuation and pension services sector and create unparalleled value for our clients.”
TCS brings a proven track record in the superannuation and wealth management industry to the partnership.
Namely, TCS BFSI Products and Platforms is an “end-to-end digital ecosystem that powers the journeys of life, pensions/annuities, property/casualty and health insurance providers”, according to MUFG.
Moreover, the MOU outlines a “framework for cooperation”, including joint product development, market expansion opportunities, and due diligence to identify key sales and product enhancement initiatives.
This is not the first strategic deal that MUFG has made for its retirement segment in recent months. In October, it was announced that MUFG had fully acquired Moneysoft, an Australian digital solutions provider for financial advisers.
The firm’s acquisition of Moneysoft means it now sits under the MUFG Retirement Solutions business – a division of MUFG Pension and Market Services.
At the time, MUFG Retirement Solutions CEO Dee McGrath said that Moneysoft’s cloud-based capabilities and financial advice automation will help its clients create meaningful engagement with its members, particularly around retirement planning.
“Our clients will benefit from the ongoing innovation delivered through the platform and an expansion in the number of value-enhancing services available for their members through multiple digital channels,” she said.
