(Alliance News) - Equiniti Group PLC on Friday announced it has extended the existing contract between MyCSP Ltd and the UK Cabinet Office for the provision of pension administration until the end of December 2023.
The Crawley, England-based financial administrator outsourcer said MyCSP is a joint venture between its pension business, EQ Paymaster, and MyCSP Trustee Co, 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 more than 1.5 million active, deferred and retired members.
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. This refers to the UK Court of Appeal's ruling in April 2012 that the UK government's 2015 public sector pension reforms unlawfully treated existing public sectors differently based upon members' age.
"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 eight years, and allows us collectively to further develop services in support of the Civil Service Pension Schemes and their members," said Chief Executive Cheryl Millington.
Shares in Equiniti Group were down 2.0% at 117.60 pence in London on Friday.
By Zoe Wickens; zoewickens@alliancenews.com
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