Staff may join the scheme from the following date:
Cycle+, through Cyclescheme, is open to staff on a permanent basis!!
If you choose to join the scheme, the University will provide you with a bicycle (and bicycle safety equipment if required) on loan, in return for you agreeing to nominate a specified deduction from your salary for this purpose for a 12 month hire period. The nominated amount will not be subject to tax or National Insurance deductions.
Joining the scheme is very straightforward:
- Queen's University operates a Cycle to Work scheme that enables staff to save at least 30% on the cost of acquiring a bike for cycling to work.
- The Cycle to Work scheme is operated through Cyclescheme. By joining the scheme staff can hire a tax-free bike for work, which, for most people, means a saving of between 32% and 42% on the cost of the equipment. Full details on how it works is available here.
- All you need to do is visit one of Cyclescheme's Partner Stores and choose a bike and any associated safety equipment, up to the new increased value of £3,000, and then request your certificate online.
Remember, to enter the Cyclescheme website you must enter the unique Queen's University code of 60cd5a.
The University will arrange for payments for the bike and safety equipment to be taken via salary sacrifice over the duration of 12 months. Salary sacrifice is where the payments you make are taken from your Gross salary; therefore, because you are being paid less each month, you will pay less tax and National Insurance on your income and this is how the saving is made. Find out how much you could save here.
- At the end of the hire period, Cyclescheme will contact you to discuss the options available. The most attractive option willbe to pay a small, refundable deposit (3% or 7% of the equipment value) and continue to use the bicycle for an extended period of up to 36 months. At the end of this period, if you do not wish to keep the bicycle, then Cyclescheme will refund the deposit in full.
Alternatively, may at its discretion, offer ownership of the bicycle to you at this point and no further action or payment will be required if you wish to keep the bicycle.
A website video explaining the simple end of hire process can be viewed here.
For further information please use the Cyclescheme website. If you have any queries about the scheme you can telephone Cyclescheme on 0844 879 5101 or email email@example.com