What is IntoCyclescheme?

IntoCyclescheme is our solution for Employees earning National Minimum / Living Wage!

"A salary sacrifice arrangement must not reduce an employee’s cash earnings below the National Minimum Wage (NMW) rates. Employers must put procedures in place to cap salary sacrifice deduction and ensure NMW rates are maintained."

Due to this employees earning National Minimum / Living Wage are unable to participate in Cyclescheme. However with IntoCyclescheme, you enter into a Loan agreement with your Employer which involves deductions from your NET salary (after Tax and National Insurance deductions). This means you sadly don't make any Tax or National Insurance savings but you still get to obtain a bicycle package and spread the cost with 0% interest.

How does it work?

Your Employer has to refer you to IntoCyclescheme, there fore you need to apply to Cyclescheme like normal allowing your employer to complete the necessary eligibility and affordability assessments. Once they have done so and confirm you can't go through the scheme (because your deductions will take you below National Minimum / Living wage), they will decline your request, sending you an email with a link to apply to IntoCyclescheme.

You have access to the same 2,600+ Cyclescheme Partner Retailers, you simply follow a slightly different admin process.

Key differences from Cyclescheme -

You sign a Loan agreement with your employer instead of entering into a Hire agreement with Cyclescheme
There are no Tax and National Insurance savings, but you do get 0% interest
You own the equipment as soon as you collect it and don't have to make an 'End of hire' payment later!