This will strengthen the partnership and help to accelerate the growth of the business in the interests of its clients, shareholders and employees. Following the transaction, Equiniti will hold 51% of the shares, the Government 24%, with employees retaining a 25% share.
MyCSP is the Government’s first mutual joint venture and was established in 2012 to provide pension services to 1.5 million members of the Civil Service pension scheme across 250 employers, processing payments in excess of £4billion per annum. In July it reported a 31% increase in turnover to £42.1 million for the 2013/14 financial year.
This follows a two year programme of investment in the transformation of technology, operations and service, and culture which has been delivered by MyCSP and its employee shareholders using investment and expertise from Equiniti.
This sale of shares will see the Government and Equiniti extend their commitment to MyCSP’s operation for another five years, whilst enabling further growth opportunities for MyCSP with the Equiniti Group in the public sector.
Nicky Hurst, Chief Executive, MyCSP said “This is great news for MyCSP and its stakeholders and reinforces our on-going commitment to our mutual partnership. The sale will enhance our ability to continue to build MyCSP into a business that can meet and benefit from the pension reform changes in 2015 in addition to growing our client base and expanding the range of services that we offer.”
Mark Lund, Chairman, MyCSP Trust said “MyCSP’s employee partners have played a crucial role in transforming the business and have benefited greatly from the expertise of Equiniti. We are delighted that all shareholders have committed to extending our mutual partnership and to develop it further for the collective benefit of all stakeholders.
Guy Wakeley, Chief Executive of Equiniti and Non-Executive Director of MyCSP said “We are delighted to increase our investment in MyCSP further cementing our partnership with the Government’s flagship mutual. The MyCSP team has made incredible progress in enhancing service delivery, increasing employee productivity, and growing profitability, while delivering cost benefits for taxpayers and rewards for employees. This demonstrates the success that can be achieved by working together and using the best of public and private sector expertise to transform public sector services.”