26 October 2014

The University of Birmingham launches Novalease as their car salary sacrifice scheme

 

The University of Birmingham has introduced the Novalease car salary sacrifice scheme, which is available to all of its 6,500 employees. The scheme provides employees with the opportunity to drive a brand new, fully maintained and insured car at a significant saving, obtained through a combination of tax/NI savings and corporate discounts. In addition, CO2 emissions have been capped at 120 g/km as part of the University’s carbon reduction strategy.

The Novalease scheme was communicated to staff through email announcements, posters and TV displays around campus and on the University’s intranet. There was also a series of presentations in the Bramall Music Building, which included a car on the stage and a number of cars on display in the Chancellors Court. There will now be a series of roadshows over the coming months at the different colleges and buildings around the campus.

The contract was awarded to sgfleet under a public sector framework agreement. One of the main reasons for University of Birmingham choosing Novalease is that it is the only solution in the market where the contract for the car will be with the employee. The  structure is based on novated leasing, which will not create any risk or liability for the University and means the employee will take the car with them if they were to leave.  As a result, unlike other market schemes, there is no need to load the monthly payments to cover the University for potential early terminations costs, resulting in a more cost effective solution for employees.

Guy Roberts, Director Novalease, said “We are very pleased to be working with the University of the Year and I am very confident the scheme will prove to be very attractive to its employees. The initial level of interest, the number of enquiries to our dedicated employee helpline, and subsequent orders have been very high.”