Cycle To Work
How the scheme works
The University pays for your bike up to the value of £1,000 and the employee takes a redemption certificate to the bike shop and collects their bike (no cash changes hands). The applicant makes 12 monthly salary sacrifice payments (depending on the value of the bike (for example if you buy a bike at £1000, the monthly salary sacrifice is £83,33 before national insurance and income tax is deducted). Applicants can buy safety equipment and bike locks through the scheme as well as a bike.
What are the eligibility criteria to join the scheme?
Employees must meet the following criteria:
- You are employed at the University of Bedfordshire on a permanent or fixed term contract.
- Your substantive salary does not drop below the National Living Wage (LW) after salary sacrifice
- You have been employed at University of Bedfordshire (i.e. on a permanent or Fixed Term Contract) for 12 months or more at the time of the application.
Apply to join at www.cyclescheme.co.uk You will need to use the University of Bedfordshire Employer code to apply which is Cd96ca
Frequently Asked Questions
What could my savings/costs be?
This example is based on a bike that is worth £1,000. The costs and savings will obviously vary depending on the cost of the bike and the employess salary.
Monthly salary sacrifice | £83.33 |
Savings per month | £26.66 |
Savings per year | £320 |
Total payment towards £1,000 bike | £680 |
Where can I get my bike?
Visit a cycle shop that is participating in the scheme. A full list can be found on www.cyclescheme.co.uk - enter your postcode to find the 10 nearest shops.
What is a salary sacrifice scheme?
Under a salary sacrifice arrangement an employee gives up the right to part of his or her salary and receives a non-cash benefit from the employer in return which will not be subject to tax or national insurance deductions.
Can I cancel the bike at some point?
You cannot cancel the hire once you have entered into the agreement.
How long is the process?
Up to 6 weeks.
What happens if I leave the University?
If you leave the University for any reason during the repayment period, you cannot benefit from the tax savings and a termination fee (equal to the outstanding payments) will be deducted from your final net pay. The full market value will be determined by Cyclescheme and you will be invoiced for this amount separately.
What do our colleagues say about the scheme?
"It is a great idea and the best way to get to work."
David Hewson, Professor of Health and Aging, Institute for Health Research
"We only run one car now and I have increased my interest in health and fitness."
Christine Smith, Employability Advisor, Careers and Recruitment Service - Registrar's Department
"I use my bike every day, seven days a week for work and shopping."
Elisabeth Coughlin, Web Editor, Department of Marketing, Admissions, Recruitment & Communications
Are there any other options for 'greener travel to work'?
If the Cycle2Work scheme is not for you, try the Central Bedfordshire and Luton Liftshare
- SU event for Cycle to Work Thursday - film screening: A Plastic Ocean
