Law firm Stephenson Harwood has offered a salary sacrifice electric vehicle scheme to its 700 employees through provider Tusker since 2022.
One of the key points throughout, but especially now during the cost-of-living crisis, is ensuring that both the costs and savings are totally clear for any employee interested in signing up, says David Tripp, payroll and pension specialist at Stephenson Harwood.
“The car scheme is one of a suite of benefits that we highlight on our platform,” he says. “It is a single click on the Tusker link, which goes through to the website, and then they go from there essentially, get a quote for a car that they want.
“What’s important is that quote breaks down very clearly how much their net pay will be after the sacrifice, based on their tax code and earnings year to date. So it is all very transparent.”
The employer is currently working to promote financial wellbeing, including promoting the tax savings that can be achieved through salary sacrifice, both through the car scheme and childcare vouchers.
“We have noticeboards around the office explaining how people can save money through the scheme and how the benefits platform generally can save them money,” says Tripp. “We have FAQs provided by Tusker. Tusker also offers tips and advice on EV driving and charging, and the ways [we] can save money there.
“Tusker provides comparisons on how much employees can save by going through the scheme compared with buying and running a car privately. Moreover, because the scheme is all-inclusive, so insurance, maintenance and breakdown cover are all included, [the provider] can show what employees will be saving there.”
Megan Foote, senior reward manager at Stephenson Harwood, adds: “It is really important for us to provide the education piece, so having places individuals can go to, information they can access. It is about making that education available so people know where to go to get that informed advice.”