Salary Sacrifice FAQs

There is no cost to implement our Salary Sacrifice Scheme, it is free to set up and it will actually save the business money through the savings on Employer National Insurance Contributions.

There is no minimum number of employees.

Once we are ready to launch, we’ll work directly with you to support a personalised launch to your employees. We always hold 2 ‘launch webinars’ individually with your business, tailored to your scheme. In some cases, and depending on the number of employees in the business, we have an in-person launch event can work best, where we can offer your employees 1-2-1’s and test drives. In our pre-Launch Meeting, we will discuss how best we promote and introduce our new partnership. P+B will always provide collateral to support the launch and events.

In order to get the best possible pricing in place, we’ll collect your company financial information, including the latest set of company accounts. We also typically need which details of 2 Directors or Partners as well as some bank statements. Our team then manage non-committal credit lines with all 5 of our finance company partners. This ensures we are able to support your employees with the best possible options.

For businesses who choose P+B for their EV Salary Sacrifice Scheme, we will do all we can to make it as simple as possible to get the scheme up and running. There is naturally some admin the employers, but what sets P+B apart, is the hand-holding employers receive, rather than online forms, and chat bots. You will then let us know who is eligible for the scheme and once we have your sign off, we will launch the scheme how and when you choose. We then liaise directly with your employees who are interested to minimise your involvement until they are ready to order. At that stage we will seek approval and sign off from your authorised signatory.

Whether employees are eligible or not is down to you as the employer. As a benefit, you are not legally required to offer this equally to all employees, but any employees you do offer it to will need to firstly be paid via PAYE. They will need to also be employed on a permanent contract and have completed their probation period. Finally, employees obviously need to be able to afford the salary sacrifice, where their Net Salary after the Gross Sacrifice is above the National Living Wage.

Once we have all the initial supporting documents required, our team will then apply for the credit line with our funders within 24 hours. We would then expect to hear back from our funder within 3 working days. Sometimes the funder will request additional supporting documents and there may be a some back and forth at the beginning, however we aim to have all credit lines set up within 1 week.

We will occasionally need to check in with your finance time for more information, normally on an annual basis.

No problem. Please send over the email address and full name of the authorised signatory and we can amend this for you. If they are not a listed Director with Companies House, we will also require a letter of authority, signed by a Director to confirm this person can sign on the companies behalf. If you are a registered charity, we will also require board resolutions to confirm the 2 authorised signees have authority to sign on behalf of the charity as well as their photo ID and 2 proof of addresses.

Initially communication from the finance company will be minimal, as our P+B team will be doing the applications and communication on your behalf. Typically, this requires no further interaction on your behalf and our team will proactively update you on the progress. Occasionally, the finance company will reach out proactively and inform you via email or mail that a search has been completed. This is simply a “for your information” type update. There is no action from you.

A credit search will be completed on the business and the directors listed on the finance proposal form. We don’t credit check your employees.

We believe we have a duty of care to both employers and employees, so our Fact Finds include a discussion around affordability checks with the employee to ensure that we are working in their best interest.

If one of our lenders decline the finance application, we will look to appeal this on your behalf. If this is not possible, then do not worry, we have a panel of lenders to ensure we can support with the credit line. There are certain company types that our funders will not finance, and we can discuss this further if this applies to you.

Your team can contact us through phone or whatsapp, and also via our website https://www.pikeandbambridge.co.uk/salary-sacrifice/contact/ You will always have a key, named contact at P+B who you can contact directly. https://www.pikeandbambridge.co.uk/salary-sacrifice/salary-sacrifice-team/

Our Salary Sacrifice Experts will contact your employee within 24 hours of enquiry, and make arrangements to hold an initial fact find. In this call our goal is to ensure the employee is comfortable and understands the position they would be in with Salary Sacrifice. This Fact Find will either be done in person at an event, or over video call. A Fact Find takes between 20-40 minutes.

Most lenders are familiar with the concept of salary sacrifice, and indeed run such Schemes for their own employees. As an employer, you just need to confirm the amount of your reference salary in response to any request for confirmation of salary from a prospective lender.

It is a Business Contract Hire Agreement.

All contracts will officially be held and named under your company. Your employee could be associated with the contract as the driver, but this from a technical standpoint is how the contract is held. There is no credit check for the employees.

There are many variables to this. And that is what P+B are experts at. Our pricing experts are constantly analysing which of our finance partners are offering the best rates on each car. The selection will be based on this, as well as which finance rates the relevant firm can access (if not all) as well as the relevant additional packages that make the most sense for your employee.

You can choose not to offer, but we would request proof of insurance prior to each vehicle being delivered to ensure all is compliant. We would also suggest you are comfortable with the risk that the insurance puts upon the business. It is important to note if you wish to do this outside of the agreement, it will not be a part of the Salary Sacrifice scheme and we would be unable to support.

We can provide gap insurance and recommend that you take that to minimise any risk.

We understand that circumstances can sometimes change over the term of a vehicle contract. Termination Cover is available to cover the costs of terminating an agreement early dependent on the nature of the reason for an employee leaving the business. Contact us for more details on our individual termination policies.

Life happens, we get that. Cover has been arranged to assist in continuing a Salary Sacrifice arrangement should a leave of absence be required. Please get in touch with your assigned Expert for specific details on coverage arranged.

No. If your employee left, our team would collect the vehicle.

Our team will handle the administrative burden of early terminations, so your HR and finance teams can focus on other priorities without added stress.

Our Partners’ Car Scheme service offers fantastic pricing, combined with our award-winning Concierge service, meaning the senior leaders in your business can benefit too. P+B will negotiate with manufacturers on your behalf to ensure we can provide you with exclusive discounts and offers. This removes the hassle of dealing with manufacturers yourself and allows Pike +Bambridge to form a personal service, centred around you. What separates our Concierge service from all others is that we tailor everything to fit each individual. Our service includes support with the return or sale of existing cars and delivery of the new car. Delivery takes place at a time and place that suits and includes a personalised handover from our highly-trained logistics team.

Salary sacrifice is an HMRC-approved way of paying for certain products ‘pre-tax’. For electric vehicles this means the cost of your EV comes out pre-tax and is all-inclusive of finance, maintenance, standard tyre replacements, breakdown assistance, warranty, insurance and early termination cover. You may choose to salary sacrifice the installation of an electric charge point too.

You could save up to 62% however this will be based on a number of factors. The biggest impact will be which tax code you sit in. You will be able to see the true savings within our indicative pricing section on our website, and then be able to discuss this with our experts.

This depends on the car. Long gone are the days of waiting 12 months for a factory order. On average, we would expect anywhere between 2 to 6 months for a factory order, and about 2-3 weeks for a car that’s in stock. Lead times are constantly changing and may vary depending on the colour and options you select so we’d encourage you to reach out to our team to get an accurate lead time on your new car.

Anything that is an EV we can source on Salary sacrifice, weather that’s a big brand like BMW, or Audi, or one of the newer players in the market like BYD. Whether you are set on a brand, or open to alternate brands, our Relationship Managers have a wide range of expertise across the brands and will be able to support you.

Put simply, yes! At P+B we work on behalf of our clients to negotiate the best possible discounts direct with the manufacturer on your behalf. Enhanced discounting makes the already significant savings from Salary Sacrifice even better.

Yes. Our scheme is for fully electric vehicles.

Yes. Our scheme is only for new cars.

You must be an employee of a company that has an agreement with us, be paid via PAYE and earn at least national living wage after deductions. There are a few other criteria which our team can take you through on our initial call. If your employer is not yet set up with P+B, please use the referral section of our website to share the benefits of Salary Sacrifice with your employer.

Any employees looking to enrol will need to be paid via PAYE. They will also need to be employed on a permanent contract and have completed their probationary period. Finally, employees need to be able to afford the Salary Sacrifice, where their Net Salary after the Gross Sacrifice is above the National Living Wage. It’s still good to check with your employer first.

Electric vehicles can save up to two thirds of the cost of filling up your petrol or diesel car, particularly if you are able to charge at home. This can result in significant savings on fuel costs over the lifetime of the vehicle. Your exact savings will be dependent on several factors, including your driving habits, the distance you travel and the cost of electricity in your area.

Yes, you will be able to choose the car you wish, including the brand, model, specification, colour, trim etc. Different brands and specifications will have different lead times. Our experts can take you through this in more details.

A standard Salary Sacrifice contract is 36 months. Sometimes your employer will allow you to do a shorter or longer period so please consult with them.

You will have to select a mileage allowance for your agreement, this will set the maximum number of miles a vehicle can be driven over the contract period before excess mileage charges apply. This is a factor in calculating your monthly payments. It may be possible to change the mileage allowance within a contract, but this would depend on the specific terms and conditions of the contract and the policies of the leasing company. Our Client Services Team at Pike + Bambridge will assess this periodically to advise on any changes that might need to be made.

Your employer will have decided how this is organised as part of your salary sacrifice benefit. Typically this will be included as part of the package. Our team will work with you on assessing the best policy option for you and any additional drivers.

You are free to add additional driver(s) in line with the terms of your chosen insurance policy. Our experts can give you more details on the exact criteria for additional drivers.

Your salary sacrifice agreement terminates if you leave your employer. For worst case scenarios, termination cover is typically included. It provides protection in the event that your employment is terminated before the end of the agreement, and you are unable to continue making the monthly payments. However within the first 6 months of ownership of the car, there would be a penalty. Should it be after 6 months, and the situation falls under an acceptable reason to give up the car, there would be no financial costs.

Yes, we partner with a number of different charge point installation companies. We can discuss this with you during your application. The cost of a charging point can be included with your salary sacrifice, allowing you to benefit from the tax savings of the scheme.

EVs generally require less frequent servicing than traditional petrol cars, thanks to fewer moving parts and no need for oil changes. However, regular maintenance is still essential to keep your EV running smoothly. Most manufacturers recommend a service check every 12 months or 10,000 to 15,000 miles, whichever comes first.

Some EVs are suitable for towing, and will have been rated for this purpose.

Yes. A fully-maintained contract typically covers all costs associated with the operation and maintenance of a vehicle, including regular servicing, maintenance and repairs, standard tyre replacements, and breakdown assistance. The specific items covered within a fully maintained contract may vary depending on the leasing company and the terms of the contract, so it is important to carefully review the agreement and understand what is included before signing.

Absolutely. Our team can offer support and help you sell your current car, please chat with one of our specialists during your fact-finding call.

In some cases you will have the option to buy the car. Generally, our clients prefer to hand the car back and look to move onto the next Salary Sacrificed car, which we will absolutely help them with!