By Rebecca Tipton, Benefits and Wellbeing Advisor
We’re really excited to introduce you to Cycle Solutions, our all-new cycle to work provider! We listened to your feedback from our previous Cycle to Work Scheme and made the change to Cycle Solutions to provide you with a better experience, whilst helping reduce to CO2 emissions.
We’ve increased the limit from £1,000 to £2,500* on bikes and accessories so that you have more flexibility and choice. This includes a wide selection of electric bikes.
The scheme will also be open all year round so that you can apply when it’s the right time for you.
What’s more, you’ll be able to order your bike directly from Cycle Solutions, as well as from local bike shops.
About Cycle Solutions
Cycle Solutions have their own online shop where you can save an extra 10% off RRP by ordering direct on a wide range of bikes (in addition to the usual tax saving of up to 42%**). If you choose from the online shop, you will also benefit from:
- a free kit bag, multi-tool and pedal spanner
- 36-month warranty
- free 8-weeks insurance
But if you prefer to use an independent bike shop don’t worry, Cycle Solutions have connections with over 1,000 shops where the Cycle to Work Scheme can be used. You can also add your local shop if it’s not on the list and Cycle Solutions will ask them to join!
How to apply
Registration is now open and will remain so all year round – which means you can apply at a time that suits you. We’ll remind you about the scheme a couple of times a year.
If you want to apply, click ‘Shop Now’ on this Cycle Solutions web page and enjoy your 10% off. Alternatively, you can click ‘Local Bike Order’ to order via a local store.
Without having to register, you can also see how much you can save in the Scheme on this page. You’ll only need to create an account if you’re wanting to apply for the Scheme.
Timings and important things to consider before you apply
- It may take up to a week after applying before you hear if your application to join the scheme has been accepted, as each application needs to be authorised.
- We’ve included a 14-day cancellation period in case you change your mind. However, after this, we pay Cycle Solutions for your bike upfront and this amount will start to be deducted from your salary and can’t be cancelled. So please only apply if you’re sure you want to be part of the scheme
- Bike Scheme savings come through ‘salary sacrifice’, which means that you agree to give up part of your salary in exchange for a non-cash benefit. In this case, it’s the hire of a bike and safety accessories. In return, the bike must be used by you mainly to cycle all, or part of, the journey to work. You’re free to use the bike for recreational purposes, but at least 50% of the bikes use must be for qualifying commuter journeys
- It’s important to know that ‘salary sacrifice’ means a contractual change to your terms and conditions of employment. You make the savings by not having to pay Tax or NI contributions on the salary you sacrifice. Salary sacrifice reduces your pay each period, but if by doing so your pay would fall below the National minimum wage, then we’ll need to deduct the amount of your repayment from your net pay that period
- If you leave the business for any reason, including TUPE transfers to another employer, you are required to re-pay the remainder of your balance in full when you leave. You won’t be able to benefit from these savings on the outstanding balance
*Please check you are comfortable with applying for a higher amount, for example, a £2,500 application means a £192 change in salary over 13 periods less tax, or a net deduction if your salary dips below the National minimum wage.
** Actual savings depend on the rate of income tax you pay.
If you need help or have any questions not covered in this article – or the FAQ’s at the bottom of the Cycle Solutions site – call the Cycle Solutions helpline on 0330 100 2480. Their opening hours are 8.30am to 6.30pm Mon – Fri and 9am to 1pm on Saturdays.
You can also contact them by email firstname.lastname@example.org or live chat too.