01 May 2012
The Government has launched a mutual to administer the pensions
of the 1.5 million members of the civil service scheme.
MyCSP's mutual joint venture model gives employees a 25 per cent
ownership stake, representation at board level and a share in the
profits. MyCSP will administer the pension scheme for seven years,
with the option to extend this for a further three years.
It is hoped the model will cut costs for taxpayers, reaching
annual savings of 50 per cent by 2022. The Government will retain a
35 per cent stake so taxpayers will eventually benefit from any
proceeds.
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