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Important: Cycle to Work scheme paused and upcoming New Cycle to Work scheme The Cycle to Work scheme is currently paused while we get ready to launch the new scheme. New scheme We are currently working to make our scheme more flexible. More information will be available short here shortly. The scheme will continue to be delivered by Cycle2Work (Halfords), however the limit will increase to £3,780 (including 7.5% discount) and you’ll have the option to spread payments over 12 or 18 months. The tax and National Insurance savings remain unchanged, but our additional corporate discount offered is changing from 10% to 7.5%. Any queries can be sent to transport-plan@bristol.ac.uk |
Cycle to Work is a government-backed employee benefits scheme enabling staff to save money and spread the cost of a new bike for commuting to and from work. The scheme is run via salary sacrifice, so you don’t pay tax or National Insurance on the cost of a new bike and accessories – a potential saving of between 32% and 42%.
The University’s scheme is called by Cycle2Work and is delivered by Halfords, offering a range of great benefits including:
Most of the information you need about the scheme, including how to sign up and choose a bike and what happens next, can be found on the Cycle2Work website. Please note that to sign up, you’ll need the University’s employer code which will be available on Sharepoint once the new scheme is launched. You will also need your payroll number, which you can find on your payslip and it is listed under 'Resource ID'. The University holds regular Cycle to Work roadshows which staff can attend and receive an in-depth explanation of how the Cycle2Work scheme works and what type of bikes and accessories are included in the scheme (includes a Q & A section).
Please see below for some important points to consider before applying.
Only salaried University of Bristol employees on permanent or fixed term contracts are eligible to take part. You are not eligible if you are paid through an agency or external funding body.
You cannot take part in Cycle2Work if by doing so the salary sacrifice deductions would bring your monthly salary below National Minimum Wage. If you think this might be the case, please email transport-plan@bristol.ac.uk for further advice.
You can apply on the Cycle2Work application form for any amount up to £3,780 (including 7.5% discount applied at salary sacrifice stage), and this application form is located on the Cycle2Work website. The amount you enter on the application form is the amount quoted by the bike shop. Please note that you are strongly advised to choose and reserve (if possible) your bike and accessories before applying. Then you will know exactly how much to apply for, and you can check how much you’ll be paying each month through salary sacrifice using the online calculator (remembering to include your 7.5% discount). Please note the online calculator only works out how much you would pay over 12 months - if you intend to pay over 18 months then please divide the annual price (aka Cycle2Work price) by 18.
Please note that once approved, your application cannot be amended. The value of your application must exactly match the value of the bike and equipment. You won’t be able to top up the amount payable with your own funds and retailers are under no obligation to offer any kind of credit if the bike etc costs less than you’ve applied for.
You can get a bike and accessories on the Cycle2Work scheme from Halfords, Tredz or from one of more than 1,000 independent bike shops participating in the scheme. You can search for local Halfords stores and local independent bike shops from the Store Locator section of the Cycle2Work website. Or for a full list of participating retailers including online-only retailers please visit the Cycle2Work website , scroll to the bottom of the page and click on the Cycle2Work Retailers Full List.
An extra 7.5% discount on the retail price of bikes and accessories is available for all participants in the scheme. This discount is applied automatically at the salary deduction stage (not at the outlet). You don't need to do anything to activate it. Applicants should put in the full retail price of the bicycle (and/or accessories) you would like to get through the scheme when applying. Your Letter of Collection will reflect the full retail price. However, your salary deduction payments will have the 7.5% discount applied to them.
Please note that to sign up, you’ll need the University’s employer code which will be available on Sharepoint once the new scheme is launched.
It should take between 1 to 2 weeks (often less than that) from when you apply to when you hear as to whether your application has been approved.
You have 14 days to cancel your Cycle2Work application from the date that you sign your hire agreement. The link to cancel within 14 days will be on your hire agreement. You are not able to cancel your agreement after 14 days unless there are extenuating circumstances. If you feel you have extenuating circumstances, please email transport-plan@bristol.ac.uk to discuss.
Only one active loan agreement is allowed at a time, so during the period you are making monthly salary sacrifice deductions you cannot take out a further application. However, once the 12-month hire period has come to an end, you can apply again.
Under HMRC rules, all bikes and equipment obtained through Cycle to Work must be used mainly (i.e. more than 50% of journeys) for commuting or other work-related purposes to be eligible for the tax savings on their purchase price.
Just prior to the end of the 12-month hire period you will be contacted by Halfords to discuss the three options which are:
If your employment at the University ends before the end of your hire agreement, the outstanding balance will be deducted from your final net salary (i.e. without the savings on tax and National Insurance). If your final salary does not cover the final balance, you will need to pay the balance owing to the University within 14 days of leaving. These conditions apply equally to anyone joining the scheme while on a fixed-term contract, or if an employee is made redundant. Once you have paid the outstanding balance you can still take advantage of the end of scheme options as described above.
Anyone signing up to the Cycle2Works scheme is strongly advised to have adequate insurance to protect the bike against theft or damage. You can get insurance via your home insurance or a specialist policy. Halfords have partnered with CyclePlan to offer eight weeks free insurance for people taking part in the Cycle2Works scheme with a 20% discount on an annual policy after that. Advice on other options is available from consumer websites, e.g. MoneySavingExpert.
No, your pension contributions are calculated on your contractual salary and isn’t affected by the cycle to work scheme.
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General queries |
Salary sacrifice queries |
Bicycle order queries |
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Sustainability 07929 863040
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Payroll
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Cycle2Work (Halfords) C2WCustomerEnquiry@halfords.co.uk0345 504 6444 |
