You'll be able to get yourself a brand new bike and safety equipment up to the value of £3,000. And because repayments are taken directly from your salary each month you save on Income Tax and National Insurance.
Typically you'll make savings of between 18.7% and 33.6%. Check out how much you might save.
The scheme is simple:
- Visit Cycle Scheme to find out which local shops or dealers are taking part.
- Pay them a visit and chose your bike and safety equipment. You’ll be given a written quotation.
- Using your quote, place your order, request your bike voucher, and sign the hire agreement.
- Your application will be reviewed and hire agreement digitally countersigned.
- you’ll be sent a ‘variation to contract’ letter to sign and return. This is to make sure that you are aware of your obligations under the scheme, and it does not affect your eligibility.
- Providing you are eligible, you’ll be issued with a ‘bike certificate’ to redeem at your chosen bike shop.
- Payments will then start to be taken from your salary for a period of 12 months.
To qualify for the scheme you need to be over 18, earning above a certain wage level and have an employment contract for a minimum of a year.
Applications must comply with National Minimum Wage (NMW) requirements. This means that if the cycle scheme takes your basic annual gross pay below NMW, then the application will be declined. Calculations are based on what you are guaranteed to earn, so additional hours and overtime can’t be taken into account.
You must be confident that they are able to afford the terms of the finance agreement before you commit to a salary sacrifice.
Our cycle scheme employer code is 56558d. At least 50% of the bike's use should be for work purposes during the first year.
At the end of 12 months you can decide to keep the bike, making any further payments, as necessary.
To find out more visit Cycle Scheme or contact the sustainable travel team, tel: 01629 538156.