Salary sacrifice schemes

[Draculaw]

Hi,

I've been tasked with identifying a few fleet vendors who could operate a salary sacrifice EV scheme. I've come across Octopus EV, Leaseplan and Zenith, each of whom appear to offer what I need, but are there any recommendations those on here would give?

[Countdown]

Hi

Sorry to jump in - I've been asked for a similar thing. One provider that you've missed out is Tusker.

However my query is slightly different - are there any EV providers who operate in the same way as Cyclescheme? ie we would loan the Employee up to £10k, they use the money to buy an EV and then repay us over a 2-5 year period?

The schemes Ive looked seem to be the PCP/PCH types rather than outright purchase.

Thanks

[Butter Face]

Countdown said:

Hi

Sorry to jump in - I've been asked for a similar thing. One provider that you've missed out is Tusker.

However my query is slightly different - are there any EV providers who operate in the same way as Cyclescheme? ie we would loan the Employee up to £10k, they use the money to buy an EV and then repay us over a 2-5 year period?

The schemes Ive looked seem to be the PCP/PCH types rather than outright purchase.

Thanks

As a general rule they won’t, if they’re effectively lending you money (which is what they’re doing) then it’s a completely different setup to administering a contract hire type leasing process.

[Countdown]

Butter Face said:

As a general rule they won’t, if they’re effectively lending you money (which is what they’re doing) then it’s a completely different setup to administering a contract hire type leasing process.

Thanks BF - that's what I thought.

Not sure if you know but, if a car has been leased under the salary sacrifice scheme, what happens if the Employee leaves?

[Butter Face]

Countdown said:

Butter Face said:

As a general rule they won’t, if they’re effectively lending you money (which is what they’re doing) then it’s a completely different setup to administering a contract hire type leasing process.

Thanks BF - that's what I thought.

Not sure if you know but, if a car has been leased under the salary sacrifice scheme, what happens if the Employee leaves?

Depends on the provider. On ours the car has to be returned, no penalty, the lease ends and car is returned.

[hairy vx220]

EDF have some leasing schemes, they might be worth approaching to see if a deal could be done:

https://www.edfenergy.com/electric-cars

[Countdown]

Butter Face said:

Countdown said:

Butter Face said:

As a general rule they won’t, if they’re effectively lending you money (which is what they’re doing) then it’s a completely different setup to administering a contract hire type leasing process.

Thanks BF - that's what I thought.

Not sure if you know but, if a car has been leased under the salary sacrifice scheme, what happens if the Employee leaves?

Depends on the provider. On ours the car has to be returned, no penalty, the lease ends and car is returned.

Cheers - if there's no risk to the Employer and minimal admin i might look into it

[Draculaw]

Thanks all, that’s really helpful. BF, do you mind me asking who provides your scheme? Early termination fees were a big concern of mine, so if there’s a vendor who doesn’t charge them (presumably subject to a minimum number of participants) that would be great.

I presume these would also offer a platform by which an employee can opt in and they’ll just communicate the sacrifice to HR for payroll purposes, or do they run through an employed fleet manager?

[Vecv1]

Hi, I work for Tusker so appreciate my opinion could be slightly biased but also means I have knowledge on how these schemes work. Most schemes should offer you some form of early termination protection to protect the employer should employees leave the organisation so there’s no early termination fees to pay by returning the car early. It’s worth looking at the different providers as they’ll all work slightly differently in how they manage schemes and the level of protection they provide for leavers. Once there is a scheme in place, employees will have access to a site/portal to view the cars available and then order one. The supplier should then send monthly payroll reports through so the organisation knows how much to deduct from which employee.

[Countdown]

Thanks VECV

So does that mean it's NOT a fixed monthly payment to yourselves?