Locations
Fieldfisher advises the Cabinet Office on first mutualised central government service
Field Fisher Waterhouse LLP has advised the Scheme Management Executive of the Cabinet Office as customer on the services to be provided pursuant to the pensions’ administration contract entered into between the Cabinet Office and MyCSP Ltd. MyCSP Ltd is the first mutual joint venture created from a central government service.
MyCSP Ltd will administer the pensions of 1.5 million civil servants. Approximately 500 staff have joined MyCSP from the Department for Work and Pensions and have a 25% ownership stake in the business, representation on the board and a share in the profits. Paymaster, part of the Equiniti group, a private sector provider will own 40% of the business whilst the Government will retain a 35% stake. Lord Hutton has been appointed as independent chairman of MyCSP Ltd.
Technology & Outsourcing partner James Buckingham led on the deal assisted by Employment & Pensions partner David Gallagher, associate Lee Harding and solicitor Nick Fiducia.
Fieldfisher is a leader in the field of employee ownership and mutualisation and has advised on a number of employee led spin-outs in the public sector. These include a spin out from NHS Hull to City Health Care Partnership CIC and the spin out of the community dental services provided by NHS Bedfordshire to Community Dental Services CIC.
James Buckingham said: “Fieldfisher is pleased to have assisted the Cabinet Office, bringing the creation of the MyCSP Ltd mutual joint venture to a successful conclusion. With the Government's continued commitment to employee ownership models we are likely to see similar spin offs across the public sector.”
Fieldfisher worked closely with the Treasury Solicitors who were also advising the Cabinet Office as customer on the pensions’ administration contract.
For further information, please contact:
Louise Eckersley, PR Manager, Field Fisher Waterhouse LLP on 020 7861 4120