Potential Savings

What savings can I expect to make during the scheme?

 

You can select a bicycle and associated safety equipment up to a total value of £1000, including VAT.  The tables below provide an indication only of the likely monthly repayments for the 12 month hire period and the total net cost of leasing a bicycle through the Cycle+ scheme.  Actual monthly repayments will be calculated by the University on an individual basis.

 

The figures in this table assume a salary up to £41,450 after the gross cost of the bike has been deducted during tax year 2013/14 and a 12 month repayment period has been set.

Value

Monthly Reduction
in Net Pay*

Net Cost of Leasing
the Bike**

Cost of Transfer Total Cost

£200

£11.33

£136

 £36 £172 

£300

£17.00

£204

 £54 £258

£400

£22.67

£272

 £72 £344 

£500

£28.33

£340

 £125 £465 

£600

£34.00

£408

 £150 £558

£700

£39.67

£476

 £175 £651

£800

£45.33

£544

 £200 £744

£900

£51.00

£612

 £225 £837

£1,000

£56.67

£680

 £250 £930

 

The figures in this table assume a salary over £41,450 after the gross cost of the bike has been deducted during tax year 2013/14 and a 12 month repayment period has been set.

Value

Monthly Reduction
in Net Pay*

Net Cost of Leasing
the Bike** 

Cost of  Transfer Total Cost

£200

£9.66

£116

 £36 £152

£300

 £14.50

£174

 £54 £228

£400

£19.33

£232

 £72 £304

£500

£24.16

£290

 £125 £415

£600

£29.00

£348

 £150 £498

£700

£33.83

£406

 £175 £581

£800

£38.67

£464

 £200 £664

£900

£43.50

£522

 £225 £747

£1,000

£48.33

£580

 £250 £830

 

*   Figures rounded to nearest penny 

** Figures rounded to nearest £1