Lloyds Banking Group has appointed Tusker as its new provider for the company’s car salary sacrifice scheme, offering colleagues a flexible way to access fully insured and maintained vehicles.
The existing scheme, currently managed by Lex Autolease, covers around 4,000 vehicles. Under the new arrangement, employees can pay a fixed monthly amount from their salary for an electric car of their choice, including premium models. The payment is taken before tax and National Insurance, making it more affordable while also reducing employer NI costs.
Employees will also benefit from enhanced lifestyle protections, allowing continued vehicle use in circumstances such as maternity leave or long-term sickness. These protections will 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 reflects the Group’s strategy to position Tusker as a specialist in salary sacrifice vehicles, while Lex Autolease will focus on company cars, light commercial vehicles, and personal leasing.
Colin Tozer, Head of Policy and Propositions for Employees at Lloyds Banking Group, said car salary sacrifice schemes “offer an affordable way to get the keys to a fully insured and maintained car” and noted they are “an effective way to support the transition to more sustainable transport.”
Kit Wisdom, Managing Director at Tusker, added that the scheme will allow Lloyds Banking Group colleagues to “experience firsthand the service we offer” and highlighted Tusker’s growth, with its fleet nearly tripling since joining the Group in 2023 to over 70,000 vehicles.
“Lloyds Banking Group taps Tusker for employee car salary sacrifice scheme” was originally created and published by Motor Finance Online, a GlobalData owned brand.
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