Cyclescheme FAQs

Background information

  1. Who are Cyclescheme?
  2. Who is entitled to use Cyclescheme?
  3. Why use Cyclescheme?
  4. What support will Cyclescheme offer to you when the scheme is running?

Savings and money matters

  1. What is a salary sacrifice arrangement and how do I make my savings?
  2. The actual amount of discount appears to be a bit vague – precisely how much do I save on my equipment?
  3. Is there any limit on the price of the bike I can obtain?

Ownership

  1. Is the bike mine straight away?
  2. What happens if the bike gets stolen before I've paid for it?
  3. What happens if I don't want the bike at the end of the loan period?

How Cyclescheme works

  1. How do I go about getting a tax-free bike through Cyclescheme?
  2. Are there eligibility criteria for employees?
  3. What is the payback period?
  4. What is the hire period?
  5. How many times a week do I have to use the bike for work?
  6. Do I have to keep a record of my commuting mileage?
  7. Can I use the bike for local trips during the working day?

Insurance

  1. Is it my responsibility to insure my bike?
  2. What’s the best way to insure the bike?
  3. Can I claim a mileage allowance for using the bike for business trips?

Consumer Credit Licence

  1. Does the University need a Consumer Credit Licence?

Fair market value

  1. What is the fair market value payment?
  2. When do I pay the fair market value to make the bike mine?

Getting the bike mail order

  1. Can I get a bike from Cyclescheme mail order?

Maintenance

  1. Do I need to maintain the bike myself?

Changing jobs

  1. What happens if I leave my job before I’ve finished paying for my bike?

Effects of salary sacrifice

  1. I receive out of hours payments on top of my basic salary: will these be affected?
  2. What happens when there is a pay award?
  3. How will salary sacrifice affect my pension?
  4. What happens if I go on unpaid leave?
  5. And maternity/paternity/parental/sickness leave?
  6. What happens with if I am made redundant or my contract is terminated?
  7. Does it affect my student loan payments?
  8. Does it affect Childcare Tax Credit?
  9. And Working Tax Credit?
  10. Although I will be better off financially, my gross salary will be less. How will this affect my credit status, eg when applying for a mortgage?
  11. Do I need to tell the Inland Revenue about this benefit?
  12. Is there a credit check?
  13. What happens if I change my mind after joining the scheme?

I want to join the scheme – what next?