The effect of Cycle+ on work related pay benefits and pension entitlement
Most employees will benefit from Cycle+ but there may be a few members for whom it is not advantageous. If you are at all unsure about whether to participate in Cycle+ you should seek independent financial advice, by calling IFA Promotion Ltd on 0800 085 3250 or at: www.unbiased.co.uk. Remember, however, that Cycle+ is designed so that most members benefit from participating.
For further advice, please contact the Salaries office on 3027. Staff there can advise on Tax and National Insurance issues, particularly in relation to Pensions+ and the Childcare voucher scheme.
There may be an impact on entitlement to benefit payments such as Statutory Maternity or Paternity Pay, Statutory Sick Pay and Working Tax Credit, as these will be calculated on your reduced pay. There may also be an impact on your state pension.