How it works
The University of Edinburgh operates a Cycle to Work scheme which enables staff to save at least 30% on the cost of aquiring 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!
The University of Edinburgh offers a Cycle to Work scheme with a £1,000 limit. Following an update to UK Government Guidance on the Cycle to Work scheme the University is considering increasing this limit, however this is not currently possible. Further updates when available will be posted here.
Please note the latest UK Government guidance confirmed that you cannot top-up the £1,000 allowance with your own money.
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 value of £1,000, and then request your certificate online.
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’re being paid less each month, you will pay less tax and National Insurance on your income and this is how the saving is made.
At the end of the hire period, Cyclescheme will contact you to discuss the options available. The most attractive option will be 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, Cyclescheme 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.
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 firstname.lastname@example.org.