Equiniti secures extension to MyCSP contract
Equiniti Group PLC (LON:EQN), an international technology-led services and payments specialist, today confirms that it has extended the existing contract between MyCSP Limited and the Minister for the Cabinet Office for the provision of pension administration and related services to at least the end of December 2023.
In addition, MyCSP will partner with the Cabinet Office for its ‘2015 Remedy Programme’, which will address the changes required in response to the McCloud Judgment.
MyCSP is a mutual joint venture partnership between EQ’s pension business, EQ Paymaster, and MyCSP Trustee Company, an employee benefit trust that holds 25% of the shares.
MyCSP has been administering the Civil Service Pension Schemes since 2012 and provides services to over 1.5 million active, deferred and retired members, working with around 350 employers.
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 last 8 years, and allows us collectively to further develop services in support of the Civil Service Pension Schemes and their members.”
Let’s recall that Equiniti has recently said it is engaged in discussions to divest a key part of Equiniti Financial Services Limited, namely EQi’s direct-to-consumer customer book, predominantly the Selftrade business.
Negotiations are ongoing but subject to commercial, operational and regulatory discussions. Accordingly, there is no certainty as to whether the transaction will take place at this moment in time, or at all, Equiniti stresses.