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Looking for a bargain on a new electric bike? Well, look no further than Cyclescheme, a UK ‘cycling to work’ employee benefit which saves you 25 to 39 per cent on bicycles and accessories.
Many cycling regulars may already know about Cyclescheme, but since the COVID-19 pandemic has seen swathes of people start to take to their bikes (nearly 9 million in England, in fact), it seems fair to assume that some newbies may not be aware of it. So, what is it? How does it work? And are there Cyclescheme electric bikes to consider as well as regular bicycles?
What is Cyclescheme?
Cyclescheme is an initiative which entitles you to save between 25 and 39 per cent on bikes and accessories (or even more with certain offers).
It works in association with your employer, so you pay nothing upfront and future payments are taken tax efficiently from your wages by your boss or company.
Their website boasts an impressive 868,682 ‘satisfied Cyclescheme customers and counting’ (at time of writing), and is really no surprise given how easy it is to navigate. Speaking of which:
How Does Cyclescheme Work?
First of all, some rules. To be eligible to use Cyclescheme, you must meet the following criteria:
- You must be aged 16 or older
- You must earn at least minimum wage after the salary sacrifice has been taken from your pay
- You must be paid and taxed via the Pay As You Earn (PAYE) system
- You will also need your employer code and payroll number to hand, as well as an idea of your budget when registering
If you tick each of these three boxes, then make sure your employer registers to join Cyclescheme, if they haven’t done so already. You can also invite your employer here. By signing up, your employer recoups the full cost of your bike, as well as up to 13.8 per cent of its value in addition, so they can’t lose, here.
You’re then free to roam the site looking for whatever bikes, accessories or both of these you like. There’s also a handy calculator on their website to work out how much you can save based on your budget, salary and how often you are paid.
Then, your employer reviews your application and pays for your Cyclescheme package. You’ll then be sent an eCertificate, which can also be exchanged for your gear in-store or online.
When your Hire Agreement and salary sacrifice ends, you will then have the chance to keep your Cyclescheme package for a small extra fee, at a fraction of the recommended retail price.
Can I Get an Electric Bike With Cyclescheme?
Indeed you can. If you’re looking for something to give you that little bit more when scaling those hills or travelling far and wide, Cyclescheme e-bikes are available in more than 2,000 retailers across the UK.
You’d really go about getting hold of one from Cyclescheme no differently than you would a regular bike. Simply sign up, find your favourite e-bike and request a certificate.
Though, it is worth pointing out that the value of your Cyclescheme Certificate cannot exceed your scheme limit, which is set by your employer – use the calculator again to check your employer’s limit.
Can I Get Another Bike On Cyclescheme?
Suppose you already have a ‘normal’ bike, but you want an electric bike as well. Or your current bicycle is best suited for summer cycling but winter is approaching. Can Cyclescheme cater for these needs?
Of course, but there are limits. You can’t get another bike for a friend or family member, for instance, because it’s specifically yours for commuting to and from work, generating your tax break all the while.
But you can add a second bike to the scheme as long as they are both used by yourself and for your commute. Again, though, this is restricted – if you want a hybrid bike for regular journeys and a folding bike for city rides, there is not likely to be a problem there. But if you request a man’s bike and a woman’s bike, you’re probably wasting your time.
Is Cyclescheme The Same As Cycle2Work?
Not quite. Cyclescheme is a separate organisation from Cycle2Work, which is run by leading bicycle shop Halfords.
But that’s about the only difference – they both take advantage of the same government initiative in more or less the same way.
Cyclescheme Online Retailers: Where To Buy an E-Bike
Below is a list of online retailers with which you can use Cyclescheme.
IMPORTANT: Make sure you enter the Cyclescheme code when you get to the checkout!
|Online Retailer||Cyclescheme Code|
|Chain Reaction Cycles||CHAIN010|