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<p>MyCSP was spun-out as a mutual joint venture in May 2012. Mutualising MyCSP was
good for staff, taxpayers and for the service they provide to pensioners. MyCSP will
almost halve the cost of administering pensions within a decade, while improving services
which were variable before. Employees of MyCSP have benefited through dividends, which
they have received in both years since mutualisation. Staff survey figures show rising
staff engagement and a decline in sickness absence.</p><p>MyCSP Ltd took over administration
of the pensioner payroll in September 2014. Legacy problems were inherited from the
previous supplier, including 5,579 cases where payments had already been delayed or
missed by September 2014. MyCSP have now cleared all but 422 of these cases and MyCSP
has switched available resources to reduce the remaining backlog as quickly as possible.</p><p>Since
October 2014 there have been 1197 cases of delayed payment, most of which were the
result of ongoing delays of the historic cases inherited from the previous supplier
in September 2014.</p><p>Since October 2014 36 overseas pensioners have been awaiting
payments. 33 of these are still outstanding because new banking mandates need to be
completed to allow processing by the new paying bank.</p><p>MyCSP are doing everything
possible to clear all remaining cases where payments are still due but are in many
cases dependent on employers or pensioners themselves for the necessary information
to do so. Where delayed payment has caused hardship MyCSP have been making emergency
interim payments to members. The majority of the scheme’s 658,000 pensioners have
been paid accurately and on time since September 2014.</p><p> </p>
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