NHS lease scheme
Discussion
garpat32 said:
Ah, so you are purely here to critique others and offer nothing yourself?
Time for you to grow up and move along please.
From current expenses policy (effective from January 2020). Time for you to grow up and move along please.
Salary sacrifice is as per company car rates and payable at 12p per mile. relevant enough for you?
pavarotti1980 said:
garpat32 said:
Ah, so you are purely here to critique others and offer nothing yourself?
Time for you to grow up and move along please.
From current expenses policy (effective from January 2020). Time for you to grow up and move along please.
Salary sacrifice is as per company car rates and payable at 12p per mile. relevant enough for you?
Your trust is determining the rate themselves that is exactly what I had already pointed out .
Not every trust or organisation does that, why is that so difficult to take in?
garpat32 said:
It actually says in your link?
Your trust is determining the rate themselves that is exactly what I had already pointed out .
Not every trust or organisation does that, why is that so difficult to take in?
No they arent, they are referring to the HMRC rate as default due to the vehicle being a company car (this was explained at length to you by Phatbenito in the main lease thread). Of course you thought he was wrong too. If you pay BIK as part of salary sacrifice it is a company car. There is no variation from that.Your trust is determining the rate themselves that is exactly what I had already pointed out .
Not every trust or organisation does that, why is that so difficult to take in?
You claim it is Agenda for Change but thats not true either as this would mean there would be consistency across all NHS employers, which clearly there isnt.
And relevance to the OP. If he is a high business user this will have implications which will need to be verified by his employer and could make him decide for or against a lease
Edited by pavarotti1980 on Tuesday 28th January 14:25
pavarotti1980 said:
No they arent, they are referring to the HMRC rate as default due to the vehicle being a company car (this was explained at length to you by Phatbenito in the main lease thread). Of course you thought he was wrong too. If you pay BIK as part of salary sacrifice it is a company car. There is no variation from that.
You claim it is Agenda for Change but thats not true either as this would mean there would be consistency across all NHS employers, which clearly there isnt.
And relevance to the OP. If he is a high business user this will have implications which will need to be verified by his employer and could make him decide for or against a lease
Sigh, what were you saying about tedious?You claim it is Agenda for Change but thats not true either as this would mean there would be consistency across all NHS employers, which clearly there isnt.
And relevance to the OP. If he is a high business user this will have implications which will need to be verified by his employer and could make him decide for or against a lease
Edited by pavarotti1980 on Tuesday 28th January 14:25
That link you gave actually sets out that the rate is determined by the trust, or are they actually wrong as well?
Also I may add that the info they are supplying is outdated as there are rates fro EV as well, which inst mentioned.
Our organisation doesn't have that rule, and in fact the trust that runs fleet solutions also doesn't have that rule, as has been posted here earlier.
It is the last time I'm saying this as it has been done too many time, but each NHS trust or organisation is able to adhere to agenda for change or make their own locally agreed changes.
GT72 said:
I've now had the paperwork through confirming the pension shortfall at £58.72 per month for the Model 3 Performance
Under the current careers average what you pay into the pension means nothing, its the gross pensionable salary that counts.Lets forget inflation and do just the figures.
Someone who rents a P Model 3 with Tusker our trust lease company will see a gross reduction in pensionable pay of £13k per year for 3 years. So their pension value is reduced by £722 on basis of 1/54 of £13k is £240 per year reduction.
Over 20 years thats £14k loss. Add that to your out of pocket cost and its not in any way as 'cheap' a deal as it first seems.
The really big killer though is the 1.5%+inflation growth over the lifetime of the pension. This a GUARANTEED growth with 0 risk - should be 3% this year. Can you show me a savings product that will grow your savings by inflation+1.5% for the next 20 years with no risk?
The NHS pension is a great assets for employees, trading it in for short term gains is fine as long as you understand what the implications are, but just assuming these are 'cheap' deals based on take home pay reduction isn't a great idea.
For me, if I must have a P Model 3 this year I certainly woudlnt be doing it via salary sacrifice, even though the headline figure of reduction in take home pay is 'only' £580/month, so nearly £500/month 'cheaper' than other lease/rental deals.
Edited by gangzoom on Tuesday 28th January 15:11
garpat32 said:
Also I may add that the info they are supplying is outdated as there are rates fro EV as well, which inst mentioned.
Not tedious just correct.The link in the policy take you to HMRC site which displays the most recent rates, hence the reason for its inclusion. Otherwise the police would require updating every time HMRC change the rates. Much more streamlined efficient way of working to link the actual guidance
The default position for anyone who claims business miles is HMRC standard rate and to confirm if their employer uses that or a different rate. AS i said above.
At least you now know you have a company car as defined by HMRC though due to the fact BIK is applicable (£0 in the case of your new Ioniq)
pavarotti1980 said:
garpat32 said:
Also I may add that the info they are supplying is outdated as there are rates fro EV as well, which inst mentioned.
Not tedious just correct.The link in the policy take you to HMRC site which displays the most recent rates, hence the reason for its inclusion. Otherwise the police would require updating every time HMRC change the rates. Much more streamlined efficient way of working to link the actual guidance
The default position for anyone who claims business miles is HMRC standard rate and to confirm if their employer uses that or a different rate. AS i said above.
At least you now know you have a company car as defined by HMRC though due to the fact BIK is applicable (£0 in the case of your new Ioniq)
garpat32 said:
For someone who says they don't care about mileage rates you have not half got your knickers in a twist.
No knickers in a twist at all. Good luck with your new company car though. Make sure you arent claiming 56p per mile for your EV
Edited by topsey.mod on Tuesday 28th January 15:34
sawman said:
About the same , i just got quoted 363 for 10k miles with fleet solutions, 10quid per month of which is for a charger fitting (240 over the term)
NHS F S are knocking out the home chargers free of charge. No doubt as they become popular that will stop.I think at the minute whilst BIK is zero or low its worth jumping on the band wagon. 2 years reduced contributions isnt too much of a risk with a mix of 1995/2015 pension schemes
gangzoom said:
GT72 said:
I've now had the paperwork through confirming the pension shortfall at £58.72 per month for the Model 3 Performance
Under the current careers average what you pay into the pension means nothing, its the gross pensionable salary that counts.Lets forget inflation and do just the figures.
Someone who rents a P Model 3 with Tusker our trust lease company will see a gross reduction in pensionable pay of £13k per year for 3 years. So their pension value is reduced by £722 on basis of 1/54 of £13k is £240 per year reduction.
Over 20 years thats £14k loss. Add that to your out of pocket cost and its not in any way as 'cheap' a deal as it first seems.
The really big killer though is the 1.5%+inflation growth over the lifetime of the pension. This a GUARANTEED growth with 0 risk - should be 3% this year. Can you show me a savings product that will grow your savings by inflation+1.5% for the next 20 years with no risk?
The NHS pension is a great assets for employees, trading it in for short term gains is fine as long as you understand what the implications are, but just assuming these are 'cheap' deals based on take home pay reduction isn't a great idea.
For me, if I must have a P Model 3 this year I certainly woudlnt be doing it via salary sacrifice, even though the headline figure of reduction in take home pay is 'only' £580/month, so nearly £500/month 'cheaper' than other lease/rental deals.
Edited by gangzoom on Tuesday 28th January 15:11
The NHS Fleet Solutions deal results in a "possible" total loss of pension of £5,600 over 20 years, which has been pointed out to you several times already in this thread. The "potential loss" can be offset at a cost of £59pcm for 2 years, which could be invested in the Prudential Cautious Fund which can be accessed via the AVS Scheme offered by the NHS Trusts as part of their pension scheme.
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