Just seven weeks after becoming the first mutual to spin out of central Government, MyCSP Ltd has taken on 15 new contracts, Chief Executive Phil Bartlett has announced today. These will provide MyCSP Ltd with thousands of pounds worth of business.
As a mutual, MyCSP Ltd’s employees own a significant share of the business which gives them board level representation and a share in profits. A range of key public service providers, including the House of Lords, Food Standards Agency, and the Electoral Commission, have all chosen this innovative new mutual to administer their pension schemes effectively. This is in addition to MyCSP Ltd’s existing contract to administer the Civil Service Pension scheme for 1.5 million public sector workers.
In future, MyCSP Ltd will tender for more business in the private and public sectors, including local authorities and even public sector organisations in the European Union.
Francis Maude, Minister for the Cabinet Office, said:
“This is a real vote of confidence for what a mutual, at the cutting edge of public sector reform, can achieve. MyCSP Ltd will halve pension administration costs, saving taxpayers’ money while improving the service. The Government is supporting entrepreneurial front line public sector staff to form mutuals and take control of the services they provide.”
Phil Bartlett, MyCSP Ltd Chief Executive, said:
“It is fantastic news that public service providers are keen to award us their business and are confident in the high quality of services we provide. The flexibility we have as a Mutual Joint Venture allows us to flourish in this way as a business, while delivering tangible returns for the employees who work for us. Our employees have a significant stake in everything we do and I am delighted that they stand to benefit from our recent successes.”
Lord Hutton of Furness, Chairman of MyCSP Ltd, said:
“This early success is a credit to our whole team who’ve shown extraordinary commitment to making our business the industry leader. We have a great deal of work to do but today’s announcement shows we’re on the right track. Personally, I’m very pleased that MyCSP Ltd will be administering the House of Lords pension scheme as I know my own pension will be in safe hands.”
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