On the go: The Cabinet Office has extended the contract with MyCSP for the provision of pensions administration and related services to the Civil Service Pension Scheme until the end of 2023.
MyCSP has been administering the public sector scheme since 2012 and provides services to more than 1.5m active, deferred and retired members, working with around 350 employers.
It was under MyCSP’s tenure that £2.7m in overpayments to civil service pensioners were discovered, which the government started to recoup in 2019.
In addition, the administrator will partner with the Cabinet Office for its 2015 remedy programme, which will address the changes required in response to the McCloud judgment.
As a result of the 2015 public sector pension schemes reforms, members within 10 years of their retirement were allowed to remain members of their public sector legacy final salary pension schemes, while everyone else was moved into the new career average revalued earnings schemes.
In 2018, the Court of Appeal found that this was unlawful discrimination against younger workers.
MyCSP is a mutual joint venture partnership between Equiniti Group’s pension business, EQ Paymaster, and MyCSP Trustee Company, an employee benefit trust that holds 25 per cent of the shares.
Cheryl Millington, EQ’s chief executive, said: “We are delighted that the Cabinet Office has chosen to extend the MyCSP contract, which will allow us to collectively address the changes required as a result of the McCloud judgment.
“This decision reflects the close relationship we have built over the past eight years, and allows us collectively to further develop services in support of the Civil Service Pension Scheme and its members.”
