A salary sacrifice scheme, aimed at providing access to top-of-the-range electric vehicles at affordable rates – has been launched by Pink Car Leasing.
The company said its HMRC approved Pink Salary Exchange will help give the UK EV market a boost, as well as helping fleet operators achieve net zero.
Unlike any other salary exchange, businesses with just a single employee can sign up to the scheme. It also offers flexible leasing contracts from as short as six months in duration, meaning employees on fixed-term contracts can reap the benefits it offers.
For the past two years, Leicester-based Pink Car Leasing – which specialises in car and van vehicle leases, including prestige vehicles and the latest electric models, for personal and business use – has been working to help create its new product.
In addition to giving employees the opportunity to ‘own’ either a fully electric or hybrid car at affordable prices, it also benefits businesses by reducing fleet costs and aiding and improving ‘grey fleet’ compliance and safety.
Because the company works with a large network of funders, its range of new and used EV and hybrid vehicles is the biggest of any salary sacrifice scheme provider, and the most competitively priced.
The amount a person pays for the car of their choice includes maintenance, insurance and road tax, and with the deduction coming from an individual’s gross salary, instead of net, it reduces the real cost to the employee and saves National Insurance contributions.
Another major selling point is that a business registering to be a part of Pink Salary Exchange can be set up – and employees able to select the vehicles of their choice – within 24 hours.
And if an employee moves jobs during the contract term of their vehicle lease, Pink Car Leasing has simplified the process by creating ‘The Community’, which allows them to novate the lease contract between businesses signed up to the scheme.
Caroline Hill, Commercial Director, said: “Our Pink Salary Exchange is an absolute game changer, and one that is light years ahead of any other salary exchange scheme.
“We have been working with experts from a host of different sectors including manufacturing, insurance, taxation and finance to ensure our product is the best in the UK.
“We have also been supported in this initiative, one that will help speed up the green car revolution, by two of the world’s biggest car manufacturers – Tesla and Audi.
“Our product puts band new electric cars in the reach of millions of employees, who were previously unable to afford the on-going monthly costs. And for a company to join the scheme they need to have just one employee on their books.
“Once a business is accepted on to the scheme and fully set up, usually within 24 hours, everything is done online via a secure portal. This allows employees to search for their own deals and compare the costs of alternatives, such as personal leasing and personal contract plans (PCP).
She added: “For employers, Pink Salary Exchange offers improved employee motivation and engagement, it reduces fleet costs and aids and improves grey fleet, compliance and safety. There simply isn’t anything like it.”
Further information about Pink Car Leasing’s Salary Sacrifice Scheme is available from its website, www.pinksalaryexchange.co.uk
