Lloyds Banking Group appoints Tusker to run its 4,000 vehicle salary sacrifice scheme

• Scheme offers affordable access to fully insured and maintained cars, including electric models via a salary sacrifice arrangement.
• Enhanced lifestyle protections ensure continued access during family leave or long-term illness.
• Tusker takes the lead on car salary sacrifice schemes as part of a strategic shift in Lloyds Banking Group’s Transport business, with Lex Autolease focusing on company cars, LCVs and leasing.

Lloyds Banking Group has announced it is appointing Tusker as its new car salary sacrifice scheme provider, offering colleagues a flexible and affordable way to get the keys to a fully insured and maintained vehicle.

Lloyds Banking Group’s existing salary sacrifice scheme has around 4,000 vehicles, which are currently provided by Lex Autolease.

Through the Tusker scheme, colleagues can pay a fixed monthly amount from their salary for an electric car of their choice, including top-of-the-range models. The monthly amount is taken before tax and National Insurance, making it an affordable way to get on the road for many, while also reducing employer National Insurance costs.

Lloyds Banking Group colleagues will also benefit from enhanced lifestyle protections, ensuring they can continue using their vehicle if their circumstances change – such as if they go on maternity leave or long-term sick leave. These benefits will also be applied to existing scheme members whose vehicles were provided by Lex Autolease.

Tusker and Lex Autolease are both part of Lloyds Banking Group’s Transport business. The transition is part of the Group’s strategy to position Tusker as a specialist in all salary sacrifice vehicles. Meanwhile, Lex Autolease will focus on company cars, Light Commercial Vehicles (LCVs) and personal leasing.

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.

“It’s a win-win for the business and for our colleagues, enhancing the comprehensive perks we provide to our people in return for the fantastic work they do to support customers. With Tusker now positioned as the Group’s leading provider of car salary sacrifice schemes, we’re excited to be working together as we continue to strengthen the benefits of working at Lloyds Banking Group.”

Kit Wisdom, Managing Director at Tusker, said: “We are delighted that our Lloyds Banking Group colleagues will be able to experience firsthand the service we offer. This announcement further solidifies Tusker’s position as the UK’s largest and most experienced car salary sacrifice scheme provider. Since joining the Group in 2023, our fleet has nearly tripled in size, now standing at over 70,000 vehicles. We’re excited to continue to lead the market, helping thousands of people access brand new, fully insured and maintained cars.”