The sacrifice is achieved by varying your terms and conditions of employment for the term which you choose to receive a company car.

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1 Employee Frequently Asked Questions General 1 What is Colleague Cars? Colleague Cars is a unique scheme open to all employees whereby you exchange some of your normal salary in return for a company car. This is commonly known as a salary sacrifice. 2 What are the benefits of Colleague Cars? Colleague Cars gives you the chance to acquire a new car at a cost much lower than on the high street and enjoy the benefits of a company car such as inclusive maintenance and a new car every two or three years. As the cost of the car is taken from gross salary, the cost to you is the net amount. You will become liable for company car tax but for low emission cars this is likely to be substantially lower than the tax saving you make on your salary. You can also take advantage of bulk purchase discounts negotiated by the car supplier and the fact that the employer can reclaim some of the VAT and pass this benefit onto you. 3 What is included in the package? Colleague Cars have teamed up with a specialist car leasing and insurance providers to provide a unique package incorporating a car, insurance, road tax, breakdown recovery and an optional servicing and maintenance. 4 What is salary sacrifice? A salary sacrifice is when an employee gives up the right to receive some of their normal salary payable under their contract of employment. Usually the sacrifice is made in return for some form of non-cash benefit, which in this case is a company car. In the UK, many tax efficient benefits are provided via salary sacrifice such as childcare, pensions etc. The sacrifice is achieved by varying your terms and conditions of employment for the term which you choose to receive a company car. 5 How much can I save? The amount you will save depends upon your own tax and National Insurance position and the vehicle chosen. Vehicles with low CO 2 emissions are most attractive as demonstrated overleaf: 1

2 Example of financial benefit to an employee paying 22% tax and 11% National Insurance: Toyota Aygo 1.0 VVTi Per month * Cost of car after discounts (including insurance) 172 Tax and NIC impact of salary sacrifice (57) Company car tax payable 13 Net cost to employee 128 *Figures based upon 2008/09 tax rates The net cost of 128 represents a 32% saving over the normal cost of the car including VAT, and that assumes that you would be able to get the same bulk discounts on the vehicle. Typical high street prices for this vehicle and insurance would typically be 200 to 250 per month or more! 6 Can any employee opt for Colleague Cars? Your employer will set eligibility requirements. If you are under the age of 21 or have a poor driving history, you may be refused insurance cover and cannot therefore participate. You also cannot participate if the amount of the salary sacrifice would take your gross salary to below 1,000 per month. Ordering a car via Colleague Cars 7 Can I arrange to test drive vehicles? This facility is not available through Colleague Cars. However, test drives can often be arranged direct with the vehicle manufacturer or through a local franchised dealer. 8 How do I place an order for a car? You need to log onto using the username and password provided by your employer. Once you have logged on for the first time you need to set up your own username and password. On the website you can obtain a quotation for the car and insurance package. There is also a wide range of special offers. The price quoted on the website is the amount of salary sacrifice that you will be required to make. When you are happy with the package and the cost, we will contact you to progress your order. 9 How does mileage affect the cost? When requesting a quote you will be required to enter your anticipated annual mileage. The higher the mileage, the higher the cost will be to take into account additional depreciation etc. you will be able to choose from 10,000, 15,000 and 20,000 miles per 2

3 annum. If you expect to exceed 20,000 miles per annum you should contact us for a tailored quotation. As a minimum, you should set your mileage level to cover the maximum you expect to drive. If at the end of the contract you have exceed the agreed mileage level, you will be required to pay an excess mileage charge which will usually range between 5p and 10p per mile depending upon the car you choose. This charge will be deducted from your net pay or invoiced direct to you. 10 What about accessories? You will not be able to add accessories to your quotation through the website. If you require accessories then you should us for a quotation once you are happy with the price for the basic car. To give you a guide of the likely additional cost of accessories, take the cost of the accessory, divide it by the number of months you require the car for and add 5%. 11 What paperwork is required? You will need to sign a salary sacrifice agreement for the package you have chosen. You will also need to agree to pay any costs arising due to: damage or misuse of the vehicle fines, including any administration charge levied by the car supplier excess mileage charges Costs will be deducted from your net pay or collected directly from you. We will provide at least 14 days notice of any deduction from net pay. Once your car is delivered, you will receive a welcome pack detailing everything you need to know about running and looking after your vehicle. 12 Is there any deposit payable? At the point of ordering you will be required to pay a refundable security deposit of 495. This deposit will be repaid in full at the end of the term provided that the car comes back in a condition expected for the age and mileage and that no excess mileage or other charges are due. 13 Where do the cars come from? Cars are normally factory ordered via a preferred supplier network. These are generally manufacturer franchised dealers. None of the cars are used or are grey imports. Factory order will generally take between 8 and 12 weeks but is dependent upon the type of vehicle being ordered. If you have any questions with regard to lead times for a particular vehicle, please 14 What about servicing, repairs and breakdown? When obtaining a quotation you can choose an optional maintenance package which includes: 3

4 all routine servicing and mechanical repairs replacement tyres due to normal wear and tear puncture repair roadside and at home breakdown cover plus European cover a service booking facility If you do not take the maintenance package, you should make your own arrangements, ensuring that the manufacturer s warranty remains valid. 15 What about road fund licence? Road fund licence is included within the scheme for the full term at the prevailing rate at the time of delivery. On annual renewal, licences will automatically be sent to your home address. 16 What if the car is damaged? As with a private vehicle, if the car is damaged by you and no claim is made under the motor insurance policy, you must repair the vehicle at your own cost. Any repairs not undertaken will be charged to you at the end of the term and either deducted from your net pay or collected directly from you. All charges are made in accordance with BVRLA (British Vehicle Rental & Leasing Association) guidelines. 17 What about company car tax? You will be liable for company car tax but providing the car you choose has relatively low CO 2 emissions, the amount of tax payable should be far less than the tax and National Insurance saving you will make on the salary sacrifice. Your employer will advise the tax office that you have a company car. To ensure that your tax code is changed promptly, within your welcome pack there will be a template letter for you to send to your tax office. The Colleague Cars website will show how much company car tax is payable. However, you must undertake your own investigations as to the tax impact of the scheme. 18 What happens at the end of the term? At the end of the term you will be required to return the vehicle to Colleague Cars. If you are ordering a replacement on the same scheme then we will try to ensure that this coincides with the delivery of your new car, even if this means going beyond the expected termination date. To ensure that your new car arrives on time, you should look into ordering your new car three months in advance. If there are any damage or excess mileage charges due on return of your vehicle, these will be either deducted from your net pay or invoiced direct to you. 4

5 Insurance arrangements 19 Who provides the insurance? Insurance is provided via a motor insurance broker who specialise in long term policies, i.e. over one year. The policy is underwritten by Zurich. 20 What is included in the insurance policy? The motor insurance policy is fully comprehensive including: fixed premiums for up to three years* guaranteed courtesy car within 24 hours unlimited cover for business use three year guarantee for accident repairs legal expenses cover full cover for European travel breakdown assistance and recovery free windscreen repair If there is any fault claim you will be required to pay an excess of up to 250 (up to 500 if under 25 years of age or has held a licence for less than 12 months). * Premium fixed subject to no more than 1 fault claim during the first 24 months of the contract and no material change in circumstances. 21 Are the insurance premiums competitive? As with any insurance policy, competitiveness can depend upon a number of factors including the car, the postcode where it is kept, the age of the driver etc. Overall, the insurance premiums should be in line with the market. However, if the cost of the insurance is included within the salary sacrifice, the net cost to you after tax and National Insurance should be very competitive. 22 What conditions must be met for the insurance? You will be able to obtain a quote online if: All drivers must have held a full licence for 1 year or more Each driver has had no more than 1 fault claim in the last 12 months Each driver has had no more than 1 minor conviction in the last 12. months. Minor convictions will be coded on your licence as follows SP, CU, LC, MS, PC, PL and TS If you do not meet the above criteria you will be directed to a form to complete to obtain a quote tailored to your circumstances. 23 How is the insurance policy activated? The premium quoted when you order is guaranteed until the time your vehicle is delivered. As soon as you know the delivery date, you must contact the insurance company to activate the policy. 5

6 Full instructions on how to activate the policy will be sent to you. If you do not activate the policy you may not be insured. 24 What documentation will I receive? You will receive full policy documentation including a certificate of insurance and policy booklet. This pack will contain details of your responsibilities and how to make a claim etc. 25 Are there any events that could change the insurance premium? Yes, if you have more than one fault claim during the first 24 months the premium will increase. You must also contact the motor insurance provider there is any material change in facts which could affect the premium, for example: you change address your annual mileage changes you require an additional driver you become disabled As the salary sacrifice is fixed, you will be required to pay any increase in premium via debit or credit card. In most circumstances, premium adjustments are likely to be small. However, if you have a number of fault claims, you may be required to pay a large lump sum. 26 What if the car is involved in an accident? If the car is involved in an accident with a third party then this must be notified to the insurance company. If the car needs to be recovered or a courtesy car is required then the insurance company will take care of this. 27 What if I need to make a claim under the insurance policy? You will be provided with all of the necessary information on how to make a claim when the policy is activated. The process is similar to any other personal motor policy. You will need to fully cooperate with the insurance company with regard to any claims made by you or against you. 28 What if the car is written off? If the car is written off then the arrangement will cease and the insurance company will deal with the claim. You will need to order a new car under the scheme. 29 Are there any tax implications with regard to insurance? No, company car tax legislation incorporates the provision of ancillary services such as maintenance and insurance. 6

7 Changes in circumstances 30 hat if I leave employment? If you leave employment for any reason, other than under a TUPE transfer, you must return your company car to Colleague Cars. If you leave voluntarily, you will be required to pay a 495 termination fee which will be deducted from your deposit. If after the return of the vehicle there are any damage or excess mileage charges due, these will charged to you and deducted from your final pay or invoiced direct from you. 31 What happens I go on long term sick or maternity leave? Your salary sacrifice will continue whilst there is sufficient pay to keep your income above statutory minimum amounts. If your pay falls below statutory amounts, please refer to your employer s policy on this. 32 What if tax rates change? Company car tax rates are announced well in advance to ensure that those who choose a company car know what their benefit in kind will be in advance. For example, Budget 2008 will include company car tax rates for 2010/11. You should not therefore be caught out from a company car tax perspective. Income tax and National Insurance rates do change from time to time, for example from April 2008 the basic rate of income tax will fall from 22% to 20%. A change of this level would increase the cost of an average car by 2 per month. Salary sacrifice 33 Is there any impact on other pay and conditions? Unless advised otherwise by your employer, other payments or benefits that you receive from your employer are unlikely to be impacted by the salary sacrifice. You should check your pension contributions as to whether they will still be based on your pre-sacrifice salary. 34 Does salary sacrifice impact on state benefits? As a salary sacrifice reduces the amount of cash pay, it may have an effect on earnings related state benefits such as the earnings related element of the state pension and statutory maternity pay. Salary sacrifice also impacts on tax credits. A reduction in salary may increase the amount of tax credits to which you are entitled. 35 What is the impact on statutory maternity pay? Statutory maternity pay is based upon your average earnings in the period prior to qualifying. Earnings for this purpose will be the salary after the sacrifice and therefore maternity pay may be lower than under the pre-sacrifice salary. 7

8 In many circumstances the financial benefit of the being with the scheme will outweigh any reduction in maternity pay. 36 What is the affect on state pension? There are two elements to the state pension, the basic element and the second element. The basic is not affected by salary sacrifice as earnings will not be reduced low enough. The second element is an adjusted amount depending on what you earn above the minimum wage, known as the Additional State Pension or the State Second Pension. A salary sacrifice may reduce contributions for this element for the duration of the time that you participate in the salary sacrifice, although the impact on your final state pension is likely to be negligible. You should seek advice if you are unsure of the impact on your pension benefits. 37 Will it affect my ability to get finance? As your gross salary will be reduced, payslips and end of year P60 forms will show a lower amount. This may affect your ability to get credit, for example it may affect a mortgage application if the lender uses income multiples. Your employer may be willing to provide confirmation of your pre-sacrifice salary for borrowing purposes. Colleague Cars Limited January

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