How much can I save on the cost of a bike?
If you are a normal tax rate payer you can save around 32 per cent on the total cost of a bike. If you’re a higher rate tax payer you can save around 42 per cent.
You will also receive the usual shop discounts so if you get a bike that is already on sale you can get an amazing deal!
How do I make the savings?
The savings are derived through you paying reduced tax and national insurance contributions. For example, if you earned £1,000 per month and got a bike for £120 you would pay back £10 per month and would only pay tax and national insurance on £990 each month.
How long do I make the repayments for?
You will be required to make the repayments each month for twelve months. Payments will be made automatically through salary deductions.
What happens if I leave employment with the Council?
If you leave the Council, all remaining hire payments become due immediately and will be taken from your final pay. These payments will not attract tax and national insurance savings.
What happens after the initial 12 month hire period?
After you have made your final hire payment, ownership of the bike will transfer to Halfords who will continue to hire the bike to you at ZERO cost until the value of the bike is deemed to be negligible, at which point ownership transfers to you. This maximises the savings to you.
How much can I spend?
You can sacrifice salary to get a bike and accessories from £100 to £1,000 although the salary sacrificed must not take your earnings below minimum wage. In some circumstances this will limit the amount you can spend.
Is it only Halfords?
No, although Halfords run the scheme and many employees chose to get their bike from Halfords. There are many other local and online retailers that accept the vouchers. Look at the Cycle2Work intranet page for these. In addition, Halfords can source most brands of bike for you (e.g. Trek, Giant, Specialized). Just give their customer help line a call on (0345 504 6444) stating the model and frame size required.
How many bikes can I get?
You can get a bike for each leg of your journey to work. For example, if you cycle to a train station, leave your bike there then get on a different bike for the final leg of your journey you’re able to get two bikes (up to a total spend of £1000).
Where can I go for further information?
Halfords have a dedicated customer service line for Cycle2Work. The number is 0345 504 6444.
Details are also available on the Halfords Cycle2Work website which can be accessed here: www.cycle2work.info
How do I sign up?
Now you've decided a bike is for you, visit:
The council’s employer code is: ERYCC2W
Alternatively, you can contact Halfords Cycle2Work Support line on 0345 504 6444.