Important points to consider
There are a number of important points staff should consider before deciding to take part in the Cycle to Work scheme.
Most employees will benefit from the Cycle to Work scheme but in some circumstances it may not be advantageous to join.
There may be an impact on your entitlement to benefit payments such as statutory maternity or paternity pay, statutory sick pay and working tax credit, as they will be calculated on your reduced pay.
There may also be an impact on your state pension. We advise you to seriously consider the effect that a reduction in pay may have before you decide to join the scheme.
If you are unsure about whether or not you should participate in the Cycle to Work scheme you should seek your own financial advice.
Independent financial advisor
Details of an independent financial advisor (IFA) near you can be found by calling IFA Promotion Ltd on 0800 085 3250 or by looking at their website. Remember, however, that the Cycle to Work scheme is designed so that most members benefit from taking part.
If you require further advice please contact the payroll office who will be able to advise on the tax and National Insurance issues, particularly if you are already on Pensions+ or are a member of the childcare voucher scheme.