While working for Royal London, I was responsible for developing and delivering all employee benefits communications. This news story appeared on the intranet promoting the Bike4Work scheme as part of a wider promotional campaign. Thanks to explicit calls to action and clear messaging and signposting to the employee benefits platform, scheme uptake increased by 20%.
Save Money on a New Bike - Now With Independent Cycle Shops
The Cycle to Work scheme window opens in two weeks … this time with a difference.
We’ve listened to your feedback and made some changes:
The Cycle to Work scheme will open in May so you can get your bike in time for the summer
You can choose a bike from a list of independent suppliers as well as from Halfords giving you more choice and helping you support local businesses
New to the Scheme?
Cycle to Work allows UK employees to make national insurance and tax savings on a new bike up to the value of £1,000.
Join the scheme and you’ll enter into a hire agreement for your chosen bike. Your basic salary will be reduced so you save tax and national insurance for 12 months.
Here’s an example of how it works:
Standard rate tax payer
Cost of bike £1,000
Salary reduced by £1,000 > monthly salary reduction = £83.33
Tax saved on £1,000 = 32% or £320 > monthly tax saving = £26.66
Total payment towards bike = £680
Higher rate tax payer
Cost of bike £1,000
Salary reduced by £1,000 > monthly salary reduction £83.33
Tax saved on £1,000 = 40% or £400 > monthly tax saving £33.33
Total payment towards bike = £600
Just use the bike to commute to work to qualify for the tax savings.
At the end of the hire agreement there’s a small one-off fee that transfers ownership of the bike to you.
Find Out More
There are plenty of ways to explore the scheme and have all your questions answered:
Halfords Road Shows - Explore how the scheme works by visiting the Halfords stands at the Edinburgh and Wilmslow sites:
Wilmslow on May 11th from 1200 – 1400 in the restaurant
Edinburgh on May 18th
1100 - 1245 at St Andrews Street
1315 - 1400 at Silvermills
Online Info - Take a look the independent bike shop scheme here.
Get in Touch - Got a question? Email the Your Reward mailbox.
Make Your Cycle to Work Savings
The selection window opens on 10th May when you’ll be able view your current benefits selection and take up the Cycle to Work scheme. Simply visit the Personal Reward Site and make your choice by 21st May.