The Cycle To Work Scheme is an employee benefit scheme that enable employees to hire cycles for active travel and/or cyclist’s safety equipment from the employer, or from a third party, in return for a deduction from their earnings known as salary sacrifice
The cycle to work scheme allows employees to obtain commuter bikes and cycling accessories through their employer, whilst spreading the cost over 12 months and making unbeatable savings through a tax break
The employer registers with a Cycle To Work scheme. Once registered they will be able to access free of charge promotional resources to help them publicise their exciting new employee benefit.
The employee visits ST3IKE to decide what they want; they then apply via the Cyclescheme website. The employer reviews their request and if they are eligible pays for the equipment.
The employee receives their bike and starts their salary repayments. After 12 months the employer will have recovered their costs and generated up to 13.8% in savings. The employee will be given their ownership options.