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MyCSP becomes first Whitehall mutual

The first mutualised company spun off from Whitehallis being launched, with the former Labour cabinet minister John Hutton as chairman.

Almost 500 workers will leave the civil service as MyCSP (My Civil Service Pension) becomes a mutual joint venture. It will be owned 25% by staff, 40% by financial services firm Paymaster and 35% by Government.

The move has been compared to the John Lewis partnership model, and aims to increase productivity, contribute to the economy and save taxpayers 50% on the cost of administering civil service pensions by 2022.

Lord Hutton said:  “I am a firm believer in the power of engaging employees to drive innovation. MyCSP Ltd builds a powerful partnership that will drive up standards and reduce costs. Providing a high quality service to scheme members will be vital to ensuring they never lose sight of the true value of their pension. I am proud to accept a role in this ambitious project.”

Cabinet Office minister Francis Maude said: “As a mutual, MyCSP will deliver better services for its pension scheme members, millions of pounds of savings for the taxpayer and a real sense of ownership for employees over what they do. We are transforming a neglected back-office operation into a new competitive and responsible business - the rest of the world is watching.”

However, the union PCS is opposing the launch. Mark Serwotka, PCS general secretary, told the Financial Times: “We believe ministers know that the public do not want more privatisation, so they are using mutuals to shield their true aims. This is privatisation by another name.”

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