Get more for your money with the Car Benefit Scheme from Tusker. As an Anchor colleague, you get to offset some of your salary before it gets taxed in exchange for leasing a brand new electric or plug-in hybrid car. Eligibility criteria applies.
Why Choose the Car Benefit Scheme?
The Car Benefit Scheme is a salary sacrifice scheme, meaning you agree to give up a proportion of your salary in exchange for a car benefit – saving on tax and National Insurance contributions.
We’ve partnered with Tusker so you can choose a brand new electric or plug-in hybrid car built to your specification from leading manufacturers (subject to availability). The monthly payment covers more than just the cost of the car – every car comes complete with:
All of this and there is no deposit. Simply choose the car you want to hire and get a quote for the monthly payment for the duration of the lease period.
If your hourly rate, taking into account any other deductions, is higher than the National Minimum Wage threshold, you can apply for the scheme. Currently the salary threshold is £25,070 (raising to £29,351 from 1 April 2024) after all deductions are applied and the Tusker quote system will only display quotes for packages that keep you above this threshold.
The Car Benefit Scheme is only available to colleagues on the Anchor payroll system with a fixed regular income. Bank colleagues are not eligible to apply. Colleagues must have a minimum of six-months’ service before applying.
No, you agree to lease the car from Tusker over a period of 24, 30, 36, 42 or 48 months. At the end of the lease period, you return the car to Tusker. There may be an opportunity to buy the car from Tusker at the end of the lease period, but this is at Tusker’s discretion.
No, there are no lump sum payments or deposits. Just monthly payments for the period of the lease. You can enter into a lease arrangement with Tusker for 24, 30, 36, 42 or 48 months. At the end of the lease period, you return the car to Tusker but there may be an opportunity to buy the car at the end of the lease period at Tusker’s discretion.
The monthly cost will depend on the car you choose and the length of hire period you decide upon. However, as it is a salary sacrifice scheme, you will save on tax and National Insurance contributions – the savings made will depend on your monthly repayment amount and personal tax situation.
The Car Benefit Scheme is classed as a ‘Benefit in Kind’ by HMRC and so you will be have to pay Benefit in Kind tax. The amount of Benefit in Kind you will pay will depend on the P11d value of the car, the CO2 emissions and your personal tax bracket. Tusker will show you the tax payable in each quotation.
Yes you can, it is your responsibility to ensure you can charge the vehicle and this could be by using public charging points. This guide from Tusker explains how to go about installing a charge point. Tusker use a third party to provide support with charging point installation, which is free of charge as part of the lease agreement.
To get a home EV charger, you’ll need to have dedicated off-street parking. This means you have a garage or driveway where you can park your car that’s away from the road. There are many providers who can install a home EV charger and costs will vary. Halfords have a handy guide to home charging or check out the Ovo guide. Anchor is not recommending any particular provider.
If you are in the pension scheme, employer and employee pension contributions will continue to be calculated on your gross salary before the salary sacrifice has been applied.
Your life assurance benefit will continue to be calculated on your gross salary before any salary sacrifice has been applied.
You can take more than one salary sacrifice benefit, but it may impact on the value of the benefit you can take if it brings your hourly rate of pay below the National Minimum Wage.
If you leave Anchor employment you will need to return the vehicle to Tusker, this includes transferring to Bank. Charges may apply, however Early Termination protection is provided after the first three months of your agreement.
Protections also apply if you are on family leave or long term sick and your salary reduces. Read the Tusker brochure below or call Tusker for more information.
You should speak directly to your existing provider if you are thinking of ending your existing arrangement early – early repayment charges may apply.
Any arrangement with Tusker for an electric or hybrid vehicle through the Anchor car scheme, is a new and separate financial arrangement to anything you may already have in place.
You can apply anytime, simply log into the My Shopping Discounts site and follow the links to create an account with Tusker and generate a quote. If you are happy with the quote you can choose to apply.
If no quotes are displayed this could be because no cars are available for your style choices or because no packages are available that meet the affordability requirements – see the ‘Am I eligible’ question above.
If you change your made about your order, call the Tusker Driverline as soon as possible to discuss your options.
Cancelling your order after the car has arrived at the dealership will incur a cancellation fee in addition to possible dealership fees – check your paperwork for details.