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Govt agrees £8m MyCSP stake sale

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.  

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