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.