Hi Nick,
Presumably you're referring to the 'Forward to a Friend' token. While this is an out-of-the-box functionality, I personally find it to be a poor one. Once someone clicks the 'foward to a friend' button, a new lead is created and all the tokens that start with {{lead. are taken from this newly created record. Any lead-specific vouchercodes are therefor lost.
My preference is to add a CTA button in the email that sends the lead to a landingpage with a form without prefill. The form asks your existing lead to refer a new lead, by filling out his/her email address. On form submission, be sure to remove the MKTO tracking cookie. Learn how to do this here: Turn Off Cookies for Referral Form
You can now send whatever you like to your new referred lead. You can even send a thank you email to your referring customer through the 'send alert' function. All you need to do is pass the referring customer's email address into a hidden field on the form (eg. Referral Program Referrer Email) and you can use that token to send an alert to the email address.
Send Alert [your email] to {{lead.Referral Program Referrer Email}}
Hope this helps you in the right direction. If it doesn't, let us know.
Stijn
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