Docs x Cyclescheme
Save 25% — 39% on a new bike with Cyclescheme
Spread the cost of a new bike, interest-free & with zero up-front costs. Payments are taken for your new ride out of your gross salary. The process is simple, government-approved and flexible enough for you to choose repayment options which suit you.
Understanding salary sacrifice and the cycle to work scheme
How does Cyclescheme work?
The simplest explanation is that Cyclescheme acts as an employee benefit, in the form of a salary sacrifice.
This means that you agree to give up part of your salary in exchange for a benefit – in this instance the benefit is a bike and/or accessories. The salary sacrifice is taken from your gross salary (before tax) which means that you will pay less Income Tax and National insurance.
It is worth noting that there is no credit check if you wish to participate, and if you are under 18 you can join the scheme if your guardian signs a guarantor agreement. Being on probation should not affect your eligibility — if you are unsure, please check with your employer.
Cyclescheme have produced a particularly helpful video to help explain this.