Pension Schemes

Richard Tice Excerpts

Wednesday 22nd April 2026 Commons Chamber

[Nick Thomas-Symonds]

I, too, am grateful for the engagement with my hon. Friend, and we are certainly looking at how we learn the lessons of this matter. On her second point about the specific issue of compensation, a complaints procedure is available, as I think I have discussed with her previously, but there is also a very broad point here: I am determined that we will pursue every contractual lever to ensure that the taxpayer does not pick up the tab for the failure of MyCSP or Capita.

[Richard Tice (Boston and Skegness) (Reform)]

I have constituents in Boston and Skegness who have suffered because of the ridiculous and appalling failures of Capita under these two contracts, and they are not the only contracts on which it is failing. To what extent has the Minister looked at the bigger financial picture at Capita? Last year, it earned revenue of almost £1.5 billion from the Government. It has contracts worth over £7 billion, yet it has just disclosed in its results that it has lost over £150 million. It has debts of £140 million, and its market cap is only £350 million. Given how much outsourcing work it does for so many British citizens, to what extent are the Government preparing for plan B in case of a financial crisis at Capita?

[Nick Thomas-Symonds]

To be fair to the hon. Gentleman, he raises a reasonable point, and we are certainly monitoring Capita’s general position. Capita holds a total of 85 contracts across the public sector—39 with central Government and 46 with the wider public sector. He and the House can be assured that we monitor performance across the whole portfolio, and we obviously consider each contract individually. As he says, it is hugely important always to be looking at providers’ financial position, because continuity of service is so important for those who, in the case of the civil service pension scheme, have paid in their own money over decades and deserve dignity in retirement.