Allianz introduces electric vehicle salary sacrifice scheme for UK employees

It is part of its revamped rewards and benefits roadmap

Allianz introduces electric vehicle salary sacrifice scheme for UK employees

Motor & Fleet

By Ada Tabanao

Allianz Holdings has unveiled a new initiative in its quest for sustainability by introducing an electric vehicle (EV) salary sacrifice scheme for its UK employees. The scheme, which is part of the company’s new rewards and benefits roadmap, aims to encourage employees to embrace electric and plug-in hybrid vehicles.

Through a dual-branded partnership with ElectriX (part of LV= General Insurance) and CBVC Vehicle Management, Allianz Holdings can offer its employees a wide range of electric and plug-in hybrid vehicle options.

“We’re so excited to have launched this scheme for Allianz employees. Sustainability is at the core of our business and by offering nearly 8,000 people the opportunity to move to an EV is a huge step forwards in managing our own ‘grey’ fleet,” said Guy Spence, managing director, ElectriX.

“Both Allianz and LV= insure EVs so this is a very natural extension of our aims as a commercial and personal lines insurer.”

How does the electric vehicle salary sacrifice scheme work?

The cost of leasing these vehicles is calculated on a monthly basis and deducted directly from the employee’s gross salary through payroll.

The newly introduced scheme not only provides employees with car options, but it also offers several additional benefits, including:

  • Access to a dedicated portal with information on available cars, reviews, and mileage bands
  • An all-inclusive package covering home charging, servicing, maintenance, and breakdown cover provided by LV= Britannia Rescue
  • Fixed-cost motor insurance for a duration of three years
  • Lifestyle protection in the event of changing circumstances

“We are always looking at ways to improve our employee offering to make Allianz a fantastic place to work and this scheme is particularly important as it combines our role as an employer and insurer,” said Julie Harrison, chief HR officer, Allianz UK.

“Unlike a personal lease, there is no upfront deposit or credit check required so the scheme removes upfront costs and opens up a wealth of choice. We know it’s something our people have been looking forward to and is a big milestone on our new benefits roadmap.”

Implementing a salary sacrifice program provides a tax-efficient solution for businesses to offer fully maintained electric vehicles to their employees while reducing reliance on private cars for business purposes, commonly referred to as the ‘grey fleet.’

What do you think of salary sacrifice schemes for electric vehicles? Would you like to see your company introduce one? Leave a comment below with your thoughts.

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