Government unveils first mutual

1 May 2012 The Cabinet Office has announced the creation of the first central government mutual business.
Minister Francis Maude has unveiled MyCSP, a mutual joint venture that will be contracted by central government to manage the civil service pension scheme.

Under the terms of the deal, employees will have a 25% stake in the new business and a share in profits, as well as representation at board level.

The launch of MyCSP represents an important first step in the government’s efforts to spin out its services into the private sector and could lead to future mutuals that will manage public sector assets.

“We no longer face a binary choice between public services delivered by state monopoly and straight privatisation,” said Maude. “That is why I am a passionate supporter of mutuals which will help Britain grow a more diverse economy.”

This page was last updated on:
16 October 2014.

thumb

Lacking inspiration

Party conference season has yet to shine any light on what a new government might do in infrastructure come next May

thumb

The Credit Crunch Did Us a Favour

For some in the banking sector, the global financial crisis offered opportunities as well as challenges. Nord LBs Sean Cook explains

register

Register now to get un-restricted access to all sections of the website.

Want to see more first? Try our free preview...