Tusker takes over Lloyds Banking Group’s 4,000-vehicle salary sacrifice scheme

Lloyds Banking Group has announced the appointment of Tusker as its new provider for car salary sacrifice schemes, replacing Lex Autolease.

The move is part of the Group’s strategy to position Tusker as its specialist in salary sacrifice vehicles, while Lex Autolease will focus on company cars, light commercial vehicles and personal leasing.

The Group’s existing salary sacrifice scheme, which covers around 4,000 vehicles, will now be managed by Tusker.

Employees will be able to choose an electric vehicle through the scheme and pay a fixed monthly amount before tax and National Insurance, reducing costs for both staff and the employer.

The scheme includes full insurance and maintenance, as well as enhanced lifestyle protections allowing colleagues to retain access to their car if their circumstances change, such as during maternity leave or long-term sick leave.

These benefits will also be extended to existing scheme members with Lex Autolease vehicles.

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.