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.”
