Cycle to Work Scheme

[surreymonkey]

Has anyone experience of the cycle to work scheme whereby your employer agrees to purchase a cycle of your choice and recoup through salary sacrifice? It looks like a good idea at first with savings to be made but I see that you do not actually own the bike until a final extra "market value" payment is made. This is a bit vague imo so I was wondering how this worked for others buyiing through RM.

[OnAFlyer]

Has anyone experience of the cycle to work scheme whereby your employer agrees to purchase a cycle of your choice and recoup through salary sacrifice? It looks like a good idea at first with savings to be made but I see that you do not actually own the bike until a final extra "market value" payment is made. This is a bit vague imo so I was wondering how this worked for others buyiing through RM.

The final payment is fixed at £25. I've had 2 now over the last few years, you end up paying back a lot less than you get, plus you can have 15% of the value in free accessories. So if you have £500 you pay less than £400 back and actually get £575.

By 'paying less back' I mean net, you still pay the £500 or whatever you have, but it's out of your gross wage so you don't pay tax or NI on it that you would have otherwise.

[surreymonkey]

Sounds good, thanks for the info.

[Big Daz]

Got a bike and accessories on order at halfords, collecting Monday

Bike is £429 down to £199

[drej]

hi

first post so please be nice

ive applied to for the cyclle to work scheme but havnt heard anything yet.

how long does it take to get your voucher i only ask as ive got a good deal on a bike and halfords will only hold it for another week?

please help

thanks

[greenwood]

I've had two bikes through the scheme, both times I think it was quite a while - 3 to 4 weeks - before the voucher came through

[OnAFlyer]

After you sign up you get a letter of cancellation from C2W that you can send back if you decide not to go ahead with the scheme. You've got 11 days to send it back, then after that time the letter of collection is sent to you.