Lloyds Banking Group has appointed a new provider for its car salary sacrifice scheme, which has around 4,000 vehicles.
The group has appointed Tusker to provide the scheme, in place of its existing provider, Lex Autolease. Lex Autolease and Tusker are both part of Lloyds Banking Group’s transport business. Going forward, Lex Autolease will focus on company cars, light commercial vehicles and personal leasing.
Through the Tusker-provided scheme, Lloyds Banking Group’s employees will be able to pay a fixed amount from their salary each month for a fully insured and maintained electric car of their choice, including brand new models. The amount is taken before tax and national insurance contributions (NIC), while also reducing employer NI costs.
The group’s employees will also benefit from enhanced lifestyle protections to ensure they can continue using the car if their circumstances change, for example if they go on long-term sick leave or maternity leave. These benefits will also be applicable to existing scheme members whose cars were provided by Lex Autolease.
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 employees, enhancing the comprehensive perks we provide to our people in return for the fantastic work they do to support customers. With Tusker now positioned as the group’s provider of car salary sacrifice schemes, we’re excited to be working together as we continue to strengthen the benefits of working at Lloyds Banking Group.”
