Cycle to work scheme - Hire period

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HF2300

Insanity Prawn Boy
team.marley said:
Has anyone actually had a hire period for under 12 months? Or does anyone know who it is up to when deciding how long the hire period is for?

Many thanks.


Many of the 'facilitators' (Cyclescheme etc.) force a set period, usually 12 months, but that aside it's up to whoever runs the scheme (employer). Practically speaking the maximum is 18 months because hire regulations demand a break clause after 18 months which would make the scheme unworkable.

I think there's also confusion about what happens to the bike at the end. Cycle to Work says NOTHING about the ultimate fate of the bike, it's simply a hire; what happens to the bike afterwards is outside the scheme and entirely up to you & whoever's running it. As Rich K says, 'You will probably be offered the opportunity to buy the bike at a fair market value'.

A lot of people equate 'Cyclescheme' with the cycle to work scheme but they're just a facilitator; their rules (5% buy back or 5% disposal fee) only apply if it happens that the scheme you're on uses them.
 

Downward

Guru
Location
West Midlands
Coming to the end of my 12 months via Cyclescheme.

Not had any notification from them of what will happen with my bike.
Not sure if my employers will be in touch either (Highly unlikely)

I expect just a payment to go out of my wages and then it'll be assumed the bike is mine.
 

Downward

Guru
Location
West Midlands
RichK said:
Interesting. I do know somebody who purchased a "ladies specific" bike (for his wife, obviously) without question.

When the form comes through it's just say

EG

Make Model Size

So to the untrained bike person who is processing the invoice they won't have any idea on sizes or bike models
 
my bike was bought using the 'bike to work' setup but employer is doing it privately - not through any of the schemes. I'm going for 6 months on mine.

I don't think there is a problem with a 1 month period EXCEPT that it might be hard to prove your 1 month old bike is only worth "5%" of the value you've just paid for it.
 
SavageHoutkop said:
my bike was bought using the 'bike to work' setup but employer is doing it privately - not through any of the schemes. I'm going for 6 months on mine.

I don't think there is a problem with a 1 month period EXCEPT that it might be hard to prove your 1 month old bike is only worth "5%" of the value you've just paid for it.

probably worth just sticking the money in the bank and paying the monthly amount tbh. Most of the saving comes from the pre-income tax salary sacrifice anyway, so bank interest would be a bonus, surely.

A guy at my place took the 1k max on our scheme, bought 1700squids worth of mtb, paid the 700 surplus up front and is enjoying the (approx) 400 squid saving on the first grand over the year.
 
It's down to your employer to ask you if you want to buy the bike, so I suggest you make them an offer (also check that they've stopped deducting the salary sacrifice as well).
 

Bman

Guru
Location
Herts.
Grrr!!!! Im so frustrated, still waiting (two weeks) for my voucher so I can go and get *my* bike.

Have to make do with my Apollo until then. :welcome:
 
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