Government mutual launched to administer civil service pensions
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.