Save up to 42% on the cost of a bike through our Cycletowork Extra salary exchange scheme.
- The saving you make depends on your tax band
- This benefit is run by Cyclescheme
How it works
- There is a minimum spend of £100 and a maximum spend of £1,000.
- The University pays for your bike and you repay this cost in 12 monthly instalments
- At the end you make a one-off payment to Cyclescheme
- Check out the cycle scheme savings calculator for a more detailed breakdown on the savings you could benefit from. You will need the employer code: f7a19 and to check Own your package after 4 years
How to apply
- You can sign up to CycletoWork Extra at any time
- You need to go to a bike shop and choose your bike/ accessories (you can check participating shops on Cyclescheme's website). Once you’ve chosen your bike/ accessories, the shop will give you a written quote
- Log into your online benefits profile and go to Cycletowork Extra. You need to input the total quote value then follow the instructions to close your profile down
- Around the second week of the following month you will get an email from Cyclescheme, asking you to sign up to the terms and conditions of the scheme. When you have done this, your voucher will be emailed to you
- You then use the voucher to pay for your new bike. You can email it to the shop, or print it out and take it in
What happens next?
- Twelve equal monthly instalments will be automatically deducted from your salary. During this time, the bike is legally owned by the University
- At the end of the twelve months, ownership transfers to Cyclescheme
- At this point Cyclescheme will write to you. You will need to make a small payment direct to Cyclescheme, called a ‘continuation deposit’: this allows Cyclescheme to continue to loan the bike to you within HMRC rules
- After a total four year period, you become the legal owner of the bike
- You must have at least 13 months remaining on your contract of employment from the date you sign up for this benefit
- You cannot get a bike if the cost brings your earnings to less than £8,700 per year or below the National Minimum Wage / National Living Wage
- We strongly recommend that you get your new bike insured. If it is lost, stolen or damaged, you will still have to complete the payments
- The bike should be used for commuting to work, but you can also use it in your leisure time
- In order to access the scheme you must be an employee of the University of York, aged over 18, and be on either a permanent contract or a fixed term contract for a period of 13 months or longer. The salary exchange must not take your pay below either National Minimum Wage or the University's Pay Protection Limit. This is currently £8,700. You may still be able to access the scheme if you are under 18, but you will require a guarantor. If you leave the University or are made redundant before the end of the 12-month payment period, you will pay the University any outstanding balance.
- By signing up to the scheme, you are agreeing to a salary exchange for a 12 month period. You cannot revert to your pre-salary exchange salary by returning the bike.
- If you take a bike through the CycletoWork Extra scheme, it is your responsibility to properly maintain the bike and ensure its roadworthiness.
- At the end of the initial one year hire period, Cyclescheme will contact you to discuss the options available. The most attractive option is to pay a small, refundable deposit known as a "continuation deposit" 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, Cyclescheme will offer you ownership of the bicycle at this point, and no further action or payment will be required if you wish to keep the bicycle. You should note that the continuation deposit is payable directly to Cyclescheme and so cannot be paid through payroll. There are therefore no tax or NI savings on the continuation deposit. If your Cyclescheme voucher was for £500 or less, the continuation deposit is 3% of the value of your voucher. If your Cyclescheme voucher was for more than £500, the continuation deposit is 7% of the value of your voucher.
- During the 12 months when you are paying for the bike, the bike and any related safety and security equipment is owned by the University. During the extended hire period with Cyclescheme, Cyclescheme owns the bike and any related safety equipment. At the end of the extended hire period with Cyclescheme, the bike is owned by you.