Cyclescheme is no longer capped at £1,000. Colleagues can now save on the exact bike, components and accessories they need to cycle to work. So, your Cycle to Work benefit is more relevant than ever!
The Department for Transport (DfT) has updated their cycle to work guidance, making it acceptable for employees to request a Certificate of any value via the cycle to work scheme. This means that riders can now save money and spread the cost on the total value of any Cyclescheme package.
Why has it changed?
Cyclescheme is a founding member of the Cycle to Work Alliance (CTWA). The alliance campaign for cycling inclusivity and their work has contributed to getting the guidance updated. The update ensures all riders can now get everything they need to cycle commute, on the scheme - including products like e-bikes which had been previously precluded due to their price tags.
Give me the specifics.
Previously, your workforce hired their cycling gear from you, their employer. You could do this because of the Financial Conduct Authority's (FCA) exemption that allows employers to loan their staff cycling gear worth up to £1,000. Now, colleagues will hire their bike directly from Cyclescheme. And because we have our own FCA Authorisation, we can hire them bikes, components and accessories up to any value.
Does that mean all Cyclescheme accounts are now £1,000+?
No, employers can set their limit at any value they see fit. This means that all schemes are not necessarily £1,000+. However, since offering the new solution as many as 75% of employers are deciding to offer the new 'no limit' scheme.
A number of employers already had limits of £1,000+ because they have their own FCA Authorisation (you can read more about this here), there are no changes to these schemes.