Cycle to Work allows you to order a new bike, equipment or both up to the value of £2,500. We pay for the order up front, you agree to hire the bike from our provider and pay us back by spreading the cost over 12 months through salary sacrifice payroll deductions– saving on tax and national insurance contributions.
Cycle to Work is perfect if you:
If your hourly rate, taking into account all salary sacrifice deductions (including cycle to work), is higher than the National Minimum Wage, you can apply for the scheme. Cycle to Work is only available to colleagues on the Anchor payroll system with a regular fixed income. Bank colleagues are not eligible to apply. Colleagues must have a minimum of 3-months service before applying.
If your hourly rate, taking into account any other deductions, is lower than the National Minimum Wage, unfortunately we can offer you the advantage of tax savings through salary sacrifice due to HMRC scheme rules. However, you can continue with your application on a net deductions basis. This means you get the convenience of paying for your bike or cycling equipment over 12 months direct from your pay (after tax). Just apply in the same way and we’ll take care of it for you.
The Cycle to Work limit has now been increased to £2,500 to help give more support to colleagues who wish to reduce their carbon footprint, by offering e-bikes as an option under the Cycle to Work scheme.
You can make an application at anytime.
Take a look at the Cycle to Work guidance and information on the My Shopping Discounts site.
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