The University has introduced a cycle to work scheme in conjunction with Cycle scheme. This allows you to lease a bicycle through the University over a period of 12 or 18 months (maximum value of bicycle and safety equipment is £3,500). You then have the option to purchase the bicycle at the end of the hire period. This cost would typically be 5% of the original costs.
The lease payment is made via a reduction in your gross salary so you save on tax and National Insurance contributions. The exact amount you save will of course depend on the Income Tax and National Insurance rates that apply to you. (Note that your superannuation position is not adversely affect as both USS and the University scheme allow the employee and the employer to continue to pay superannuation on the unreduced salary so pensionable salary is unaffected.)
If you want to find out more about the scheme then please look at http://www.cyclescheme.co.uk/4e1d37. This gives you more information as to how the scheme works and also has a modeller that allows you to work out approximately how much it would cost you to lease the bike. (Remember that you need to add in the cost of making a final payment to purchase the bike at the end of the scheme). On this web site you can apply for a voucher which you can then use to purchase the bicycle from one of the partner shops.
If you have any queries about the scheme then please contact Jean Glennie in Human Resources via email: firstname.lastname@example.org, or telephone extension (62)2032.
PLEASE NOTE: Human Resources will endeavour to authorise (or decline) your application within 14 days of receipt of your electronic/ online cycle scheme voucher request. You will then receive notification from “Cyclescheme” to let you know if you are successful in your application, where you will then be contacted by HR in order to collect your voucher in due course. Please be aware that this process can take 3-4 weeks to complete in full.