Equiniti has bought the Cabinet Office's 24% stake in MyCSP and extended its contract to administer the Civil Service pension schemes until the end of 2021.
MyCSP is a mutual joint venture partnership between Equiniti's pension business, Paymaster, the Cabinet Office and MyCSP Trustee Company - an employee benefit trust (EBT) that holds 25% of the shares.
It has been administering the Civil Service pension schemes since it took over from Capita in 2014 - and provides services to over 1.5 million active, deferred and retired members, working with around 340 employers.
The deal will take Equiniti's holding in MyCSP to 75%, while the EBT's 25% stake will remain unchanged, as will all other elements of the joint venture partnership structure and service contracts.
Equiniti also announced the Cabinet Office has extended its contract to administer the Civil Service Pension Schemes until the end of December 2021.
Its chief executive Guy Wakeley said: "We are delighted that the Cabinet Office has chosen to exercise the MyCSP contract extension and continue its partnership with Equiniti until December 2021.
"I am pleased Equiniti is investing further into this ongoing joint venture with the trust, which is in line with our strategy. With this contract extension we are committed to further investment in the services and enhancing the employer and member experience."
MyCSP chief executive Matt Thurstan added: "The extension of the existing Civil Service pension contract is a great achievement for MyCSP and testament to our complete focus on the member and employer experience.
"Since MyCSP was established, we have made significant investment in both our technology and our employee partners and we remain committed to greater investment to enable us to further enhance member and employer experience, both for current and future clients."
Equiniti's deal with the Cabinet Office follows an earlier transaction in October 2014, which saw Equiniti take a controlling stake in MyCSP, extending its stake from 40% to 51%.
MyCSP had a difficult start. The National Audit Office reported in 2016 that when MyCSP first took over the administration of the civil service pensions payroll in September 2014 "it did not cope with the workload" and a "large backlog of work built up" - adding that some people were paid late and members struggled to contact MyCSP.
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