Capita Expects Significant Losses from Pension Scheme Failures
Capita, a British outsourcing company, anticipates losing up to £40 million due to failures in its administration of Civil Service pension schemes. This financial hit highlights the challenges faced by the company in managing large-scale public sector contracts.
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Capita expects to lose up to £40m over pension scheme fiasco
Outsourcing firm counts cost of failures that left retired UK civil servants without an income for months Capita has revealed that the bill for cleaning up its mess at the crisis-hit civil service pension scheme could wipe up to £40m off annual profits – a day after its chief executive apologised to MPs for a “very poor service”. The company had faced a grilling at a Commons committee hearing on Wednesday, with its chief executive, Adolfo Hernandez, repeatedly apologising for failures that ha...
By Zoe Wood
Read full article →Capita reveals earnings hit of up to £40m from Civil Service pension failures
The outsourcing giant expects underlying operating profits to be knocked by between £25 million and £40 million from the contract issues.
By Holly Williams
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