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The cycle to work scheme no longer has a limit

Words by Team Cycles

on 28/04/2020 10:19:28

Big news! Cyclescheme is no longer capped at £1,000. Colleagues can now save on the exact bike, components and accessories they need to cycle to work. So, your Cycle to work benefit is more relevant than ever!

What's changed?

The Department for Transport (DfT) has updated their cycle to work guidance, making it acceptable for employees to request a Certificate of any value via the cycle to work scheme. This means that riders can now save money and spread the cost on the total value of any Cyclescheme package.

Why has it changed?

Cyclescheme is a founding member of the Cycle to Work Alliance (CTWA). The alliance campaign for cycling inclusivity and their work has contributed to getting the guidance updated. The update ensures all riders can now get everything they need to cycle commute, on the scheme - including products like e-bikes which had often been precluded due to their price tags.

The specifics

Previously, your workforce hired their cycling gear from you, their employer. You could do this because of the Financial Conduct Authority's (FCA) exemption that allows employers to loan their staff cycling gear worth up to £1,000. Now, colleagues will hire their bike directly from Cyclescheme. And because we have our own FCA Authorisation, we can hire them bikes, components and accessories up to any value.

Does that mean all Cyclescheme accounts are now £1,000+?

No, employers can set their limit at any value they see fit. This means that all schemes are not necessarily £1,000+. However, since offering the new solution as many as 90% of employers are deciding to offer the new 'no limit' scheme.

Why the new guidance is great news!

Riders can now get the kit they need inclusive of their preferences or circumstances.

Committed Cyclist

A cyclist that rides every day come rain or shine can get 1 or more great bike(s) and all the high-quality gear they need.

E-bike rider

E-bikes are changing the way we travel but they are expensive, now obtain them at a fraction of their RRP.

Adapted and specialist cycles

Adapted and specialist cycles are often unique and created in low numbers meaning they were expensive.

Is the cycle to work scheme worth it?

Yes! 'Freedom to ride' means employees can save on the total cost of the package, not just the first £1,000.

This means that although the savings haven't increased or changed employees will now be able to save more on bikes or cycle to work packages with a value over £1,000.