What is an ownership fee?

An ownership fee is a free you must pay at the end of your Hire Period if you wish to keep your bike. The fee enables you to retain the bike whilst avoiding any benefit-in-kind liability.
Cyclescheme strongly recommends that all participants that wish to keep their bike and/or accessories packages choose the 'Own it later' option. However, there are 3 options to choose from, these are detailed below:
Own it later - Enter into an Extended Use Agreement with Cyclescheme. You pay a small refundable deposit (either 3% or 7% of your certificate value) and continue to use the equipment for 3 years. No further regular salary payments are required during this time. At the end of this period, Cyclescheme refunds the deposit if you do not wish to keep the package. No further action or payment is required if you wish to keep the equipment.
Own it now - Take ownership of your package by paying Cyclescheme the market value (e.g. for a one-year-old package this would be 18% or 25% of the Certificate value in accordance with HMRC requirements).

Return - Return the package to Cyclescheme at your own cost.

Cyclescheme will contact you with your ownership options at the end of your Hire Period. This is usually 12 months from the point you received your eCertificate used to collect your bike.

Helping hand ✋

Remember, the cost of Cyclescheme's recommended lowest-cost fee (the 'Own it later' fee) is integrated into Cyclescheme's calculators and is factored into all of the marketing materials used to promote the scheme, so that it is considered from the point of application and will not be a surprise when your Hire Period concludes (usually after 12 months).

When it's time to pay your ownership fee, the options look like this:

Checking out is simple, you can pay by card or PayPal.

If you have any questions, don't hesitate to contact us via email: endofhire@cyclescheme.co.uk.

Helping hand ✋

Ownership doesn't have to be expensive. Cyclescheme always recommends you choose our 'Own it later' agreement - this ensures fantastic end-to-end savings of at least 25-39%.

You can watch our simple video on how ownership options work:

For a personalised savings figure that includes ownership fees, visit our calculator and enter your details.

You can search to see if your workplace is signed up using the search box on Cyclescheme's homepage.