The changeover is expected to be completed by the end of the year, using multi-marque leasing firm Alphabet. Royal London says that none of its employees will lose out financially, and Alphabet will calculate the personal value of a company car to each driver. Every employee will then receive a choice of 'benchmark' cars, based on the value they derived from their former company car. Mike Baldry, chief operating officer of Alphabet, said: 'This scheme and others in the pipeline are a real step forward in alternative provision for business car users.'
Mark Paget, information manager of Royal London, said: 'We set demanding criteria for a fleet replacement scheme. They included reducing the total cost of the fleet while protecting the productivity of essential car users; winning buy-in from staff and delivering a less time-consuming solution to the human resources department; eliminating exposure to risk and retaining control over essential aspects of business car usage.'