The government launched its first central government mutual today with the kick-off of MYCSP.
My Civil Service Pension (MYCSP), which launched today, has taken the civil service pension administration and split the ownership between the government (35%), the staff (25%) and a business service provider (40%). The private company is pension and HR service provider Equiniti.
The idea is that the private sector partner will make the service as efficient as possible and take away costs from the government, the workers will work much harder because they own it and the government will be able to cut taxes as a result. They call it the John Lewis model because it is based on the retailer’s successful use of this type of regime.
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Here are some more articles I wrote about MYCSP: