Peterborough OneService SIB
SIB Details
Location | United Kingdom, Peterborough |
Commencement date | 1 September 2010 |
Savings area | Recidivism |
Bond Amount | £5m |
Bond terms (years) | 8 years |
Intervention Program
Program description | Integrated pre- and post-release support including education, vocational skills and confidence building. |
Treatment duration | 1 year |
Target population | Adult (18+ at sentencing) male prisoners with sentence |
Intervention cohort | Target Population members released from HMP Peterborough. 3,000 individuals over 3 cohorts (each cohort enters over a period of up to 2 years). Approx 80% expected to engage in service. Cohort 1: Sep 10 – Jun 12 Cohort 2: July 12 – June 14 No third cohort (see comments) |
Outcome Measurement
Metric | The number of reconviction events for offences committed in the 12 months following release, the reconvictions having been recorded in the 18 months following this release. |
Counterfactual | A similar group of short-sentenced male prisoners across the UK: the SIB cohort is matched with up to 10 comparators for every one cohort member, based on propensity score-matching. |
Outcome Calculation and Target | % reduction in reconviction events relative to counterfactual. Target 7.5% reduction. |
Contracting parties
Government Agency | UK Ministry of Justice. Additional funding from Big Lottery Fund. |
Service Provider | OneService: St Giles Trust, Ormiston Children and Families Trust, SOVA, YMCA & Mind |
Intermediary | Social Finance UK |
Evaluator | University of Leicester with QinetiQ and RAND Europe |
Investor details
Investors | 17 investors, mostly charitable trusts and foundations. |
Returns | Returns vary with rate of reduction: <7.5% – 100% principal lost 7.5% – 2.5% IRR 10% – 12.5% IRR Max 13% IRR |
Capital protection | Nil |
Case study
Comments | The first SIB. First year results inidcate a 8.4% reduction in re-offending for cohort 1. The introduction of a new UK probation program has resulted in a change to the funding structure of One Service. The 3rd and final cohort will no longer go ahead on a PbR basis – interim funding to enable service to continue. |
Download the Peterborough OneService SIB case study (PDF, 133KB)