Electric Car Scheme
Available from Monday 2nd December 2024
- NTU has partnered with Tusker to launch our Electric Car Scheme.
- No deposit is required, and you’ll benefit from income tax and National Insurance savings.
- You can choose your mileage and lease term - either 24 months or 36 months. You will be committing to the lease term you select.
- What’s included: Car insurance, breakdown cover, servicing, repairs and MOT, replacement tyres.
- What isn’t included: The cost of electric charging, any additional charges such as vehicle damage, fines.
- Look out for the Pre-loved cars offer, launching in early 2025.
- Wondering if Electric is right for you? Visit the EV Hub to find out the benefits of electricity and try out the electric driving tools.
- Register for the NTU/Tusker car benefit webinar on Tuesday, December 10, at 12pm to learn more about the scheme's workings.
Please refer to the MyBenefits Terms and Conditions.
Access to the NTU/Tusker site:
Only colleagues who meet the minimum criteria will be able to access the NTU/Tusker site create an account and get a quote on cars. You will need to be:
- Be a permanent employee or employed on a fixed-term contract that lasts longer than your chosen car lease of either 24 or 36 months.
- Have 12 months service and successfully passed your probation period.
- Be earning a minimum of £29,000 per year. (See FAQs for more information)
Non-salaried employees, like those on zero hours or worker contracts, are not eligible for the scheme.
Car Order Approval:
All applications for car orders will be subject to further eligibility checks before an order can be approved. In addition to the above, this will include checking:
- Your gross salary, considering all salary sacrifice arrangements, is above the National Minimum Wage and is likely to remain so, for the duration of the agreement.
- Current employment record, e.g. active cases of formal action, absence (sickness, family leave)
These checks will be conducted again, up until the date of the delivery of your car. This is to ensure there are no changes in your employment status. If there are changes that no longer meet the criteria, NTU / Tusker will cancel the car order, which may result in a cancellation charge, which the employee is liable for paying.
Salary Sacrifice
A monthly amount is taken directly from your gross salary (before tax and National Insurance) and in return you will lease a brand-new car, without the need to pay a deposit. And your amount stays fixed for the length of your agreement, meaning no surprises and easier budgeting.
To know more about this benefit see the video below.
What is Benefit in Kind (BiK)?
Benefit in Kind (BiK) is a tax on any benefits or perks provided by an employer in addition to salary. A salary sacrifice car is considered an employee benefit so you will have to pay tax. The government has agreed to keep these rates low for electric cars in a wider environmental drive to reduce emissions.
For more details please see the video below!
