Cycle to work scheme rules

Cycle2work and CyclePlus

  1. 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.
  2. 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 2016, the expiry date of your fixed term contract must be December 2017 or later.
  3. The maximum value of goods you can order under the scheme (for the cycle and equipment together) is £1000. 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.
  4. The salary exchange arrangement will run for a fixed period of 12 months.
  5. The arrangement is subject to the standard  and CyclePlus hire agreement‌.
  6. The cycle remains the property of the University of Exeter during the 12 month period, after which the employee will make a 13th month payment and ownership of the bike will pass to P&MM who will continue to lease it to the employee for a further three years.  After this period, ownership of the bike will pass to the employee.
  7. 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.
  8. 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.
  9. Employees under the age of 18 will be able to obtain a bike. If you access the Benefits and Discount webportal and click on Cycle2work or CyclePlus, the portal will guide you through this upon application.
  10. 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.
  11. 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.

Current Cyclescheme participants

  1. The maximum value of goods you can order under the scheme (for the cycle and equipment together) is £1000. For Employees on lower incomes, the University may set a lower limit to ensure that the effect of the Cyclescheme 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.
  2. The salary exchange arrangement will run for a fixed period of 12 months.
  3. The arrangement is subject to the standard Cyclescheme hire agreement.
  4. The cycle remains the property of the University of Exeter during the 12 month period, after which the employee may choose to purchase it for a fair market value. Cyclescheme will notify the employee direct of this option at the end of the 12 month period.
  5. 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.
  6. 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.
  7. Employees who have less than 12 months to run on their current contract of employment (ie until the expiry of a fixed term contract or their contractual date of retirement) are eligible to participate on the understanding that the University can recover the balance from their final monthly salary or 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. In addition, if the employee wishes to purchase the cycle on the termination of their employment, they will need to pay the fair market value as set by Cyclescheme.
  8. 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.