08611 LEASE

 

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Nedbank:

When it happened:
October 2003 was the initial rollout of the Imperial Fleet Services Car Scheme, which gave the Nedbank employee’s the opportunity of structuring a company vehicle into their remuneration package.

Who is the client and who was involved:
Nedbank signed and agreed to the implementation of the IFS Car Scheme, after in depth analysis of their business requirements, with a strong focus on employee benefits.

Why they chose IFS:
Nedbank needed to outsource their Employee Car Benefit Scheme, initially they reviewed the offering of seven service providers, this was reduced to two, IFS was awarded 70% of their national requirement.

What service/product did IFS supply?
The end product selected was a Full Maintenance Lease, with fuel card, tracking and insurance under the IFS Car Scheme, the scheme allows for the pre-tax sacrifice of monies by the employee to the employer, in lieu of receiving the benefit of a company car.

How IFS made a difference:
IFS, through their innovative Car Scheme, gave Nedbank a viable alternative to travel allowances, and as a result removed the tax liability from Nedbank, where they were previously allowing individuals to receive a travel allowance, where there was no requirement for business travel.

Why the project was a success:
The success of the project is ultimately attributable to the fact that both IFS and Nedbank acknowledged that the employees are “key” to an effective implementation. Employee representatives were included in the negotiations and the ultimate decision. Once the decision was finalised, IFS and Nedbank arranged national road shows, these road shows will be ongoing as IFS strive to increase their utilisation of this scheme.
 
     
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