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Make savings on the cost of new bikes and related safety and security equipment under an important Government initiative (Green Transport Plan) aimed at getting more people on their bikes to work.
Oxford Brookes University links with a partner called Cyclescheme, which uses its networks to connect staff with local bike retailers. The partnership can offer a deal whereby you can order up to £2,000 of equipment, and pay Brookes back for it over 18 months through a salary sacrifice arrangement. The savings are worthwhile and you will see that, as you pay for your bike through salary sacrifice, you are being charged from your gross salary rather than your net salary. This means you save tax and national insurance contributions on the cost of the goods for the 18 months of the loan. You get the option to become the owner of the bike when the 18 month loan period is complete.
Use the Cyclescheme's calculator to see how much you can save.
An online video guide to Cyclescheme (linked to Cyclescheme website)
The scheme is a voucher scheme and can be joined at any time. There is a turnaround time of about three weeks between ordering your bike and receiving the voucher to cash in. There are eligibility criteria for applicants to fulfil. The terms and conditions of the hire agreement and effects of salary sacrifice can be read about in the frequently asked questions section.
NB. If you are not a computer user, please put your quote form in the internal mail to Laura Fourtuna, Wheatley Campus, and indicate that you are happy for HR to order on your behalf (phone 4812 if you want to discuss this) (You can also get help with your hire agreement by calling the same number).
You must be able to show that you use your bike for commuting to work. Part journeys also count within this equation. You can use it for leisure cycling as well of course.
Brookes will want to know that you earn enough to reasonably make your loan repayments, and that you have a contract of employment that is long enough to allow you to pay the full sum back. Full and part-time staff can join, so long as they fit the criteria. If you leave before the 18 months is over, you must complete payment for your bike in the way described (see early leavers)
You will need to decide at the end of the 18 month loan period if you wish to become the owner of the bike. Your options are:
*If the employee chooses to extend the Hire Period, a continuation deposit is made to Cyclescheme, which is fully refundable on return of the bike. At the end of the 'Extended Use Agreement' Cyclescheme will contact the employee and may offer transfer of ownership or the option to return the bike. The extension reduces the value of the bicycle to a 4 year valuation in HMRC's table, equivalent to 7% of the original certificate value, depending on the bike value being below £500 or £500+.
See End of Hire process video guide (linked to Cyclescheme website).
The list of items not able to be purchased is: