Driving to work can be slow, stressful and expensive, as well as being bad for the environment. Why not take to two wheels and relish the ride?
Cycling is not only good for your health, it saves you time and money and is much better for the environment. Through Cyclescheme you can save between 25-39% on a brand new bike and accessories and spread the cost over 6 or 12 months through your salary.
- Save money on the cost of a brand new bike and equipment, average saving is around 32%*
- Get Fit by cycling to work.
- Lose weight.
- Reduce your individual carbon footprint.
- Save money on your regular fuel bill.
- No stress having to find a parking space.
- Good scenic cycle routes away from the congested main roads.
- Easy to use online scheme
- Have a new bike and/or equipment within 14 days.
Scheme Description and Application Process Explained
The Cycle to Work scheme is a salary sacrifice scheme, this means that instead of making a 'direct' saving on the purchase you make the saving on your tax and NI contributions as the monthly deductions come off your gross wage (pre tax & NI.) Maximum certificate value £1000 for bikes and/or equipment.
In order to be eligible for a Cyclescheme voucher
- The deductions must not take you below the lower earnings limit.
- You must also be employed by Greater Glasgow and Clyde for the period of the hire agreement (6 and 12 month hire options are available if staff are on a contracted post).
- Not be within 2 years of retirement.
Cyclescheme upper limit update - January 2020
In June 2019, Cyclescheme updated guidance for cycle to work schemes. The main purpose of the update was to lift the existing £1,000 purchase price cap, meaning even more people would become regular cyclists and could afford higher-priced items like e-bikes. NHS GGC are currently reviewing this matter and we will provide an update once we have one. As a result the current upper limit of £1000 will continue to remain in place at this time.
How To Apply
- Visit here in order to find a Cyclescheme retailer you wish you shop with and get a quote for your desired bike package, alternatively if you know how much you want to spend just apply for that amount.
- Visit the Cyclescheme website here and enter the required details - you will also need to agree to and sign your online Salary Sacrifice Agreement as part of your online application.
- Travel Plan Office will review your application and approve or decline it.
- If approved you will receive an email from Cyclescheme to start the Sign & Collect process and at this point you will need to confirm which Cyclescheme retailer you are using.
- You will then receive your Certificate number and Redemption Code by e mail. Take this in-store to your chosen retailer/or follow the online retailer process steps and redeem for your Cyclescheme package.
- Whilst you are in store the retailer will redeem your certificate. They will then send you an SMS with a link to sign your Hire Agreement. Once completed you can head home with your new cycling gear.
- Payments will be deducted from your weekly/monthly salary over 6 or 12 months, usually beginning the month following application.
End of hire agreement.
At the end of the hire period (12 months), Cyclescheme will contact employees to discuss the three options available.
- The most attractive option for employees and the one that NHSGG&C would always recommend will be to pay a small, refundable deposit (3% if under £500 or 7% if £500+ of the certificate value) and continue to use the bicycle or safety equipment for an extended period of up to 36 months upon which time the bike and/or equipment will be transferred to you.
- Hand back the bike and or equipment (not recommended)
- Pay the HMRC set fair market value, 18% if under £500 and 25% if £500+ (again, not recommended) which would make the bike/equipment 'yours' after 12 months however this reduces drastically the savings made through the scheme
More information on the end of hire process can be found here
For more information contact Cyclescheme on [email protected] or e-mail [email protected]