The scheme is only eligible to employees on the University's main payroll. Individuals engaged on a claims basis (including Postgraduate Teaching Assistants) are not eligible. You can join the scheme as soon as you are on the payroll.
Employees on a fixed term contract are eligible to join the scheme provided you have a minimum of 13 months until the expiry of the fixed term contract, from your date of application. For example, if you submit your application in November 2018, the expiry date of your fixed term contract must be December 2019 or later.
NHS Scheme Members – under the NHS pension scheme rules, each year of your pensionable pay counts separately towards the build-up of your final pension benefits. Therefore, entering into or continuing with any salary sacrifice arrangement (e.g. Childcare Vouchers, Lease Car Schemes etc.) that reduces your gross pensionable pay will have a negative effect on the amount of pension you are able to build up in that year. The overall effect from participating in any Salary Exchange scheme would be to reduce the amount of final benefits you build. As being in Salary Exchange scheme will have this impact on your pension benefits the University does not offer Salary Exchange Childcare Vouchers/ Cycle to Work/ Car scheme to our NHS members.
The maximum value of goods you can order under the scheme (for the cycle and equipment together) is £3000. For Employees on lower incomes, the University may set a lower limit to ensure that the effect of the Cycle to Work salary exchange arrangement (after the application of other salary exchange arrangements, eg Pension Salary Exchange) does not reduce their pay below the National Minimum Wage or the Lower Earnings Limit for National Insurance Contributions.
The salary exchange arrangement will run for a fixed period of 12 months.
The cycle remains the property of the University of Exeter during the 12 month period. After this period, employees will be contacted directly by Halfords to look at the end of hire options available.
By participating in this scheme, the employee is agreeing that, in the event that their employment ends for any reason during the 12 month period, then the University can recover the balance from their final monthly salary. Otherwise the employee will be required to repay the balance in full on demand from the University. Please note that the remaining balance will be deducted after the deduction of tax and National Insurance, ie that and that Salary Exchange tax and National Insurance savings will not apply.
For Employees on lower incomes, the University may provide a bike through an interest free loan rather than through salary exchange to ensure that the effect of the Cyclescheme arrangement (after the application of other salary exchange arrangements, eg Pension Salary Exchange) does not reduce their pay below the National Minimum Wage or the Lower Earnings Limit for National Insurance Contributions.
Employees under the age of 18 will be able to obtain a bike.
It is the employee's responsibility to insure the bicycle. If the bicycle is stolen, the employee will still be required to pay the sum of remaining payments on the hire period. Please note that the remaining balance will be deducted after the deduction tax and National Insurance, ie that and that Salary Exchange tax and National Insurance savings will not apply.
The University reserves the right to amend or discontinue the provision of this benefit should the University determine that it is appropriate for it to do so taking into account such matters as it may determine relevant from time to time including changes to UK tax legislation.
