Flotation mulled for MyCSP owners - reports

Reports that Equiniti - 51% owners of joint mutual overseeing Whitehall pensions - being sized up for stock market debut or sale

By Matt Foster

04 Mar 2015

The firm holding a majority stake in civil service pensions administrator MyCSP is being lined up for a sale or flotation, according to reports.

Sky News says that investment bank Rothschild has been approached by Equiniti’s owners Advent International to explore options for the business. Equiniti last year increased its stake in MyCSP - the flagship joint mutual spun-out from central government in 2012 - by 11%.

It now holds 51% of the shares in MyCSP, with government holding 24%, and employees 25%. 

The decision to pursue a joint mutual model, involving the private sector, central government and MyCSP’s staff was described by Cabinet Office Minister Francis Maude at the time as having the possibility to transform “a neglected back-office operation into a new competitive and responsible business”.

MyCSP is currently preparing for the roll-out of the new civil service ’Alpha’ pension scheme on April 1.

Are you a former civil servant still waiting for your pension payment? Contact our reportermatt.foster@dods.co.uk


Economy HR
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