On the go: The Cabinet Office is weighing up administrators for the Civil Service Pension Scheme.
The tender notice, published on February 7, is comprised of two separate lots — one for the CSPS and another for the Royal Mail Statutory Pension Scheme, worth £262mn and £48mn respectively.
Lot one covers administration services for the CSPS, with the overall aim being to transform the administration of the scheme, especially regarding member experience.
“Suppliers must demonstrate a commitment to and track record for delivering incremental and continuous improvement,” the notice stated.
Services will include financial, accounting and taxation services, administration services, employer-related services, provision of calculations, and information for annual resource accounts remuneration reports and member-related services.
The current administrator, MyCSP, saw its contract extended in February 2021 until the end of 2023. It has been invited to re-tender for the contract.*
MyCSP has been administering the public sector scheme since 2012 and provides services to more than 1.5mn active, deferred and retired members, working with around 350 employers.
During MyCSP’s tenure, half of £2.7mn in overpayments to civil service pensioners were discovered, which the government started to recoup in 2019*.
Both contracts will run for 12 years and are not subject to renewal.
This content originally appeared on MandateWire.com
*This article has been amended to reflect that MyCSP has been invited to re-tender for the contract and will not necessarily, as the original version of this article stated, be replaced.
It has also been updated to reflect that half the overpayments to civil service pensioners were discovered before MyCSP's tenure, and not the full £2.7mn.
