Lloyds Banking Group taps Tusker for employee car salary sacrifice scheme
Lloyds Banking Group has recently announced Tusker as its new provider for the company’s car salary sacrifice scheme. This new partnership will offer employees a flexible way to access fully insured and maintained vehicles. The scheme, which is currently managed by Lex Autolease and covers around 4,000 vehicles, will now allow employees to pay a fixed monthly amount from their salary for an electric car of their choice, including premium models. This payment is taken before tax and National Insurance, making it more affordable for employees while also reducing employer NI costs.
One of the key benefits of the new scheme is the enhanced lifestyle protections it offers. Employees will be able to continue using their vehicle in circumstances such as maternity leave or long-term sickness. These protections will also extend to existing scheme members with vehicles provided by Lex Autolease. Both Tusker and Lex Autolease are part of Lloyds Banking Group’s Transport business. The transition to Tusker as a specialist in salary sacrifice vehicles aligns with the Group’s strategy, with Lex Autolease focusing on company cars, light commercial vehicles, and personal leasing.
Colin Tozer, Head of Policy and Propositions for Employees at Lloyds Banking Group, highlighted the affordability and sustainability benefits of car salary sacrifice schemes. He stated that these schemes offer an affordable way for employees to access fully insured and maintained cars and support the transition to more sustainable transport. Kit Wisdom, Managing Director at Tusker, emphasized that the new scheme will allow Lloyds Banking Group colleagues to experience firsthand the service offered by Tusker. He also noted Tusker’s significant growth, with its fleet nearly tripling since joining the Group in 2023 to over 70,000 vehicles.
The original article, “Lloyds Banking Group taps Tusker for employee car salary sacrifice scheme,” was published by Motor Finance Online. The information provided in this article is for general informational purposes only and should not be relied upon as advice. It is recommended to seek professional or specialist advice before taking any action based on the content.
Overall, the new partnership between Lloyds Banking Group and Tusker for the car salary sacrifice scheme is a positive step towards offering employees a more flexible and sustainable way to access vehicles. The enhanced lifestyle protections and affordability benefits make this scheme a valuable addition for employees looking to make the transition to electric vehicles.
