The Government will today announce it is selling 11 per cent of its stake in the civil service pensions administrator MyCSP to Equiniti, giving the private sector company a controlling 51 per cent stake, the FT reports.
Administration provider Equiniti has held a 40 per cent stake in MyCSP since the organisation was launched in 2012 as a join venture with the Government, which held a 35 per cent stake prior to today’s sale. MyCSP employees hold the remaining 25 per cent stake.
The report suggests the sale will raise around £8m for the Government, which the Cabinet Office says “represents an excellent return for the taxpayer”.
MyCSP administrates more than 1.5 million civil service member pensions, processing some £4bn in annual payments. The organisation reported a 31 per cent increase in turnover to £42.1m in 2013/14, rising from £32.1m the previous year.