Save money on a new bike and related equipment, get fitter, do your bit for the environment and spread the cost over 12 months
What is it?
It is a tax-saving or ‘salary sacrifice’ scheme which allows you to save money on a new bike and related equipment and spread the cost over 12 months by having a monthly deduction from your pay each month. You will be hiring the bike for the first 12 months but then have the option to transfer ownership to yourself for a small fee via Cyclescheme who manage the process.
What is a salary sacrifice scheme?
The salary deduction is taken from your gross pay, before Tax and National Insurance deductions; therefore you make a saving by paying less tax and national insurance each month.
How does the cycle to work scheme work?
- Choose your Cyclescheme package
You can spend an unlimited amount on a new bike, cycle accessories or both. You can choose where you buy your bike from with over 2000 retailers nationwide. It is recommended that you choose your cycle package before you plan to submit your application so that you know what the value of your voucher will be.
Find your local retailer.
- Submit your application.
Visit www.cyclescheme.co.uk and enter our employer code 8cd8ae when you are ready to apply.
- Wait till Cyclescheme will issue you with an eCertificate which allows you to securely collect your bike from your chosen retailer.
While our target turn-round time is three weeks, there may be a slight delay over holiday periods such as Christmas and New Year.
Later, when the hire agreement and salary sacrifice arrangement ends, you can keep your bike or equipment by making a small final payment directly to Cyclescheme.
Who can apply?
- This scheme is open to all staff that have either a permanent contract or a temporary contract with at least 12 months left to run from the month that the first deduction of salary is made.
- Your salary, after the Salary Sacrifice, must remain above the National Minimum Wage.
- You should plan on using your new bike or equipment for commuting purposes, though this does not have to be everyday or throughout the year.
How do I apply?
You submit an application for your chosen cycle package through the Cyclescheme website at www.cyclescheme.co.uk and enter our employer code 8cd8ae
When can I apply?
Who can I contact for help?
You can contact Cyclescheme with any queries you have about the Cycle to Work Scheme and how to apply. You can call 0344 879 5101 (local rate, Mon-Fri 9am-5am) or email firstname.lastname@example.org
If you have a query about your eligibility for the scheme or Cyclescheme can't help you then email email@example.com