Who actually owns the cycle to work package?
The cycle to work benefit is a tax-efficient hire benefit. As such, you do not own the bike in the first instance (albeit it is in your care and you can use it as if it were your own).
The bike and/or accessories remain the property of the employer throughout the initial Hire Period (which is usually a 12 month period) unless the employer uses a finance company to fund the scheme; in this case, the finance company or funding bank will own the equipment.
At the end of the Hire Period, you can decide how you wish to proceed. Cyclescheme always recommends choosing to extend the hire of the bike and/or accessories by selecting Cyclescheme's 'Own it later' option. Should you choose this option then ownership of the bike transfers to Cyclescheme so that we can continue to loan you the equipment (for no extra cost) until it is 4 years old, at which point the bike and/or accessories automatically become yours (unless you wish to return them).
For more information on Ownership Options and Fees please read answer 'What is an ownership fee?'.
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.