     |   We support Cycle Plus bike to workThursday, 18 June 2009
Cycle-plus is a salary sacrifice scheme where employees can agree a sum to be deducted from their gross salary each month over a 12 or 18 month period in order to purchase a bike and safety equipment up to the value of £1,000 for commuting, work related activities and leisure. They will be able to save on income tax and National Insurance that would otherwise have been payable. What type of cycle shops participate in the scheme? All shops participating in the cycle-plus scheme are independent retailers, usually selected by the employer or in some cases, recommended by employees or by cycle-plus. How do the employees know which bike shops are participating? There are several participating independent cycle shops in the area that they can choose from to select their bike. Their employer will promote the scheme and the list of participating shops to all employees in the organisation using a variety of materials including emails, posters and internal websites. Where can the employee get their bike and accessories from? They can visit any one of the participating shops to choose their ideal package. Most employees will visit the shop prior to registering for the scheme to get a quote for their bike and any safety equipment. The store must only supply eligible equipment under the cycle plus scheme i.e. bikes and approved safety equipment Can the employee get a LOC for a family member? No. The bicycle must be used by the employee, mainly for commuting to work, i.e. for journeys made between the home and workplace, or part journeys (for example, to the station), or for journeys between one workplace and another. When can the employee collect their bike? Approximately two weeks after the registration window closes, all participating employees will receive a letter of Collection (LoC) which is their official voucher. If the bike is in stock they will simply surrender their LOC to you in exchange for their bicycle and any safety equipment ordered. Can employees receive any change or ‘top up’ their voucher with their own money for a more expensive bike? Unfortunately this is not allowed as cycle-plus is a government tax benefit scheme. It is important to provide the employee with an accurate quotation for all the equipment they will require before they register so they can choose the correct amount. They can choose between £100 and £1,000 in increments of £10 and can also choose safety equipment to make up the full amount of their voucher. What accessories can be brought as part of the LOC? Employees can also obtain safety equipment as part of their LOC. This includes helmets, lights, reflectors, pump, puncture repair kit, high visibility clothing and a bell. Again, The store must only supply eligible equipment under the cycle plus scheme i.e. bikes and approved safety equipment. What do I have to do when the customer wants to redeem their LOC in return for a bike? When an employee comes into your cycle shop with their Letter of Collection (LOC) you will need to telephone us to transfer the required funds instantly onto your Spree Card. Please refer to the Spree Card Information sheet for further details. What will participating in this scheme cost me? We charge a small commission fee of 10% per transaction. This is deducted when we transfer the funds onto your Spree Card, so for example for a voucher value of £500, we will transfer £450 onto your Spree Card. Why don’t I have a PIN number? Spree cards are not currently CHIP and PIN cards, therefore when the card is swiped at the till, the retailer’s electronic system will not request a PIN number and you will be required to sign for the purchase instead. What happens if I lose my Spree card? You must notify us immediately on 0845 050 8348 if your Spree card is lost or stolen. Any fraudulent use of the card is the responsibility of the cardholder unless they have reported the card lost or stolen. A £10 admin fee is payable for replacing lost cards. Further help If you have any queries about the scheme or want to refer your HR department to them please do not hesitate to contact 0845 050 8348 or email cycle-plus@p-mm.co.uk.
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Speeds is delighted to confirm that we are now registered for the Cycle-Plus scheme. This is another version of the hugely popular Cyclescheme but works in a different way. Please contact us for full details.
© 2012 Speeds Cycles Limited, 72 Birmingham Road, Bromsgrove,Worcestershire, B61 0DD Registered in England. Company Number 07364421. |
