Flexibility and affordability behind Lloyds Banking Group's EV salary sacrifice benefit
Lloyds Banking Group has appointed Tusker as its new car salary sacrifice scheme provider, offering colleagues a flexible and affordable way to get the keys to a fully insured and maintained vehicle.
Lloyds Banking Group’s existing salary sacrifice scheme has around 4,000 vehicles, which are currently provided by Lex Autolease.
Through the scheme, colleagues can pay a fixed monthly amount from their salary for an electric car of their choice, including top-of-the-range models. The monthly amount is taken before tax and National Insurance, making it an affordable way to get on the road for many, while also reducing employer National Insurance costs.
Lloyds Banking Group colleagues will also benefit from enhanced lifestyle protections, ensuring they can continue using their vehicle if their circumstances change – such as if they go on maternity leave or long-term sick leave. These benefits will also be applied to existing scheme members whose vehicles were provided by Lex Autolease.
Tusker and Lex Autolease are both part of Lloyds Banking Group’s Transport business. The transition is part of the Group’s strategy to position Tusker as a specialist in all salary sacrifice vehicles. Meanwhile, Lex Autolease will focus on company cars, Light Commercial Vehicles (LCVs) and personal leasing.
Colin Tozer, Head of Policy and Propositions for Employees at Lloyds Banking Group, said: “Car salary sacrifice schemes are a hugely valuable employee benefit, offering an affordable way to get the keys to a fully insured and maintained car.
“It is also an effective way to support the transition to more sustainable transport, as electric vehicles have a lower benefit-in-kind tax rate compared to petrol or diesel cars.
“It’s a win-win for the business and for our colleagues, enhancing the comprehensive perks we provide to our people in return for the fantastic work they do to support customers."
Supplied by REBA Associate Member, Tusker
Tusker is the UK’s leader in salary sacrifice cars. Part of Lloyds Banking Group, it has more than 15 years’ experience in offering an affordable way for employees to drive a new, fully insured, and maintained car. Its scheme, which is available to over 1.8 million UK employees, offers a range of options, from pure electric cars to hybrids and even traditional petrol and diesel vehicles. It provides a tailored scheme for organisations’ individual needs.
