Securing the Future PortalHealth and Social Care PortalEfficiency and Productivity Portal

A civil service pension scheme has become the government's first mutualised Whitehall service

MyCSP Ltd, which replaces the state-run civil service pension scheme, will see the 500 staff who run the scheme sharing 25% of the business.Taxpayers will retain a 35% stake, and a private business services company will own 40% of the business.

But the PCS union opposes the move and says it amounts to a privatisation of the pensions service.The service administers the pensions of 1.5 million civil servants but will now be able to expand and bid for new business.

The government says the new model will increase productivity, contribute to the economy as a taxable business, and save taxpayers 50% on the cost of administering civil service pensions by 2022.

Ministers are calling mutualisation a "John Lewis-style business", with the department stores' employee ownership system symbolising a new model of public service delivery.

Source: BBC News

Written by Scott Buckler
Monday, 30 April 2012 8:08

Add comment

Security code

Most Read Tags


The Govtoday Debate

Karen Jennings, Assistant General Secretary, UNISON


GovToday Limited Peter House Oxford Street Manchester M1 5AN

Copyright © 2012 Govtoday. All Rights Reserved.