The Cycle to Work Scheme limit is increasing
As of last week, the borrowing limit on Cycle to Work has been raised from £1,000 to £2,820 (or 5% of salary, whichever is lower), to make the purchase of electric bikes possible. The Cycle to Work Scheme is a UoM benefit allowing staff to buy bikes and cycling accessories via salary sacrifice: effectively, you ‘hire’ a bike for 12 months and then make a small additional payment at the end of that period to become the official owner. This has the dual advantage of spreading the payments of what might be quite a large investment, as well as saving some money by paying for it out of your monthly salary before income tax is applied. The quoted overall saving on the normal bike purchase cost is 25-39%. For the full details, as well as instructions for applying, follow this link.