The UCL Knowledge: Electric Vehicle (EV) leasing scheme

In June 2023, we introduced UCL EV salary sacrifice lease scheme. This initiative represents a significant stride towards both enhancing UCL’s employee benefits and advancing UCL's sustainability goals. 

Currently, 52 EVs have been ordered, with 46 already on the road. 

How does it work? 

You can choose an electric vehicle to lease over two or three years via a ‘salary sacrifice scheme’. This is where employees can forgo a fixed amount of their gross salary each month in exchange for a non-cash benefit – in this case the cost of leasing an electric car. The amount is taken before income tax and National Insurance (NI), so employees can make substantial tax and NI savings on the cost of their car lease cost. 

The lease includes fully comprehensive motor insurance for you and up to four additional named drivers, all routine servicing including tyre replacement, European breakdown cover and access to exclusive special offers. 

For more information, including eligibility, tax and pension implications, and next steps, take a look at the HR website.

Find out more at our upcoming webinar

Additionally, we invite you to join our upcoming webinar on 6 February 2024, at 1pm. This session will guide you on obtaining quotes and provide an opportunity to address any questions you may have. (Click on the date to open the invite and save to your outlook calendar, alternatively use the QR code on the graphic below below to join).