PD16

APPLICATION FOR ANNUAL SEASON TICKET LOAN

The University will provide an interest-free loan for an annual season ticket subject to the following conditions:

(1)	Your employment with the University is not due to end (through retirement or expiry of a non-permanent contract) within the next 12 months.
(2)	You agree to repay the loan from deductions from your salary each month, in 12 equal instalments, starting in the month in which you receive the loan.
(3)	You agree that in the event of your employment with the University being terminated for any reason before the loan is repaid in full then the University can recover the balance from your final monthly salary. Otherwise you agree to repay the balance in full.
(4)	Under current Inland Revenue regulations, the provision of an interest-free loan for an annual season ticket is not a taxable benefit. Any tax liability which may arise in the future as a consequence of changes in Inland Revenue regulations will be charged to the employee.
(5)	To claim repayment for an annual season ticket under this arrangement, you should supply the information requested below and send this form to the HR Business Partner for your College or Professional Service (see address below) with the receipt and a photocopy of the annual travel pass. The cost of the annual season ticket will be reimbursed to you direct to your bank account with your salary in the month on which the first deduction is made.

Your name (please print)		
College/Service		
Employee number (from payslip)									
Sum to be reimbursed	£					.			
Name of company providing annual travel pass		

I authorise the University of Exeter to make deductions from my salary over 12 months as repayment of this loan. In the event that my employment with the University ends before the loan is repaid, then I authorise the University to deduct the balance from my final salary payment; otherwise I agree to repay any balance on the loan to the University.

Signed: ……………………………………………	Date: …………………………………………

Please return to:  
Human Resources, University of Exeter, Northcote House, The Queen’s Drive, Exeter EX4 4QJ

FOR HUMAN RESOURCES USE ONLY

Signed: ……………………………………………	Date: …………………………………………