Cycling to work
The Cycle to Work Scheme is a Government initiative, created to get more people riding bicycles to work. Helping the environment, improving health and wellbeing and saving money in the process.
The Association of Cycle Traders estimate that c.200,000 UK employees started cycling to work in 2011 thanks to the Government initiative.
The Cycle to Work Scheme offers employees the opportunity to hire a bicycle and necessary safety equipment from their employer achieving significant savings off the usual purchase price.
At the end of the hire period
For the full term of the scheme the bicycle is hired to the employee by the employer.
At the end of the hire period the bicycle may be offered to the employee for purchase at a pre-agreed contract value in line with HMRC guidelines.
All facilitators work to the same Government guidelines, but each operates slightly differently.
The Cycle to Work Scheme enables the employee to get a better bike for their money as well as spread the cost without credit checks or paying any interest.
Employers benefit from staff who are healthier, happier, punctual and more alert. Employers also benefit financially through employers national insurance savings, providing funds for potential investment in facilities for cyclists within the business.
Which shops participate?
A large number of specialist retailers throughout the UK can deliver the Cycle to Work Scheme, but due to the administration costs charged by some facilitators, some products and promotional offers may not be available via the scheme.
Some national, corporate retailers do offer a Cycle to Work Scheme, but their product and service offering is generally limited and formulaic. You can't beat the width of choice and depth of service provided by an independent specialist.
Setting up a Cycle to Work Scheme
In order to participate in a Cycle to Work Scheme your employer needs to engage with a facilitator or they can create their own scheme according to DFT Guidelines using a local bicycle shop of their choosing.