Francis Maude has officially launched central government’s first mutual partnership, myCSP Ltd (my Civil Service Pension), and signed off on its first contract, to administer the Principal Civil Service Pension Scheme. myCSP is a mutual formed between business process services (BPS) provider Equiniti Group (with a 40% stake), its employees (25%) and the Civil Service (35%). It now operates as a private organisation, a la John Lewis, with the employees owning a stake in the business, and having a say in areas such as corporate social responsibility and CEO pay.
The deal will see myCSP provide pensions administration for 1.5m members of the Civil Service scheme over the next seven years, with an option to extend for a further three years, after which the contract will be retendered. MyCSP Ltd has 500 ‘employee partners’ in offices in Cheadle Hulme, Liverpool, Newcastle, Worthing, Basingstoke and Leeds. Although financial details of the contract weren’t disclosed, myCSP has committed to cut costs for taxpayers, reaching annual savings of 50% by 2022, while of course also improving the service.
The deal is a big coup for Equiniti, which won the place against stiff competition from usual ...