Move Imperial and the Payroll department have joined forces and together bring College staff an interest-free cycle loan. Staff are entitled to borrow up to £2,000 to purchase a bike.
Benefits of iCycle
Staff can buy bikes using the loan from wherever they wish but Move Imperial have negotiated special discounts on bikes and accessories from one outlet. In addition, cycle club membership is included. Read more below:
Pearson's Cycles - www.pearsoncycles.co.uk
- 13% discount on bikes and 5% on accessories for both Imperial College students and staff on production of their Imperial ID card
- year-round bespoke advice, sourcing and delivery service of bikes and equipment for those who have opted for the loan
- unique area for Imperial staff on the Pearson's Cycles website so relevant information is easily accessible
- NEW! Additional store now at 232 Upper Richmond Road London SW14 8AG
- NEW! Pearson's Cycles have now opened another store in Sheen near Richmond Park - Pearson Performance
How does iCycle work?
Similar to the College's season-ticket loan, iCycle provides College staff with the opportunity to purchase a new bike. Staff are entitled to borrow up to £2,000 for a bike and can do this in addition to having a season-ticket loan as long as the total loan for both does not exceed £10,000. To benefit from this scheme, staff should:
- The loan amount requested is added to their next payslip as an advance
- The staff member purchases their bike directly from the cycle shop of their choice using the advance
- Monthly repayments of equal instalments commence in the following month for ten months
- The bike is the property of the staff member from the day they purchase it
- Please retain your credit card slip or equivalent as proof of purchase. A random sample of loan transactions will be audited to ensure compliance with the scheme. If you are included within this control group you will be contacted and asked to provide evidence of your purchase. Otherwise, there is no need to submit receipts to the payroll office
- In cases where the employee's contract has less than 10 months to run, the employee may apply for a loan for less than the remainder of their contract (e.g. if their contract has 10 months to run, they may apply for a loan repayable over nine month). Repayment plan cannot be shorter than 6 months.
- You should time your application so that it reaches the payroll office before the payroll closing deadline for the month in which you require the loan to be advanced (there will be no confirmation email sent to applicants and Payroll will contact you only in case of problems with your Application; as long as you submit your application before the deadline indicated below you should receive your loan in the required month).
The payroll closing deadlines for 2019 are as follows:
iCycle Loan Payment Schedule
|Payment to be received in the month:||Form should reach email@example.com by 5pm on:|
|Dec 2019||06 Dec 2019|
|Jan 2020||10 Jan 2020|
|Feb 2020||10 Feb 2020|
|Mar 2020||10 Mar 2020|
|Apr 2020||06 Apr 2020|
|May 2020||07 May 2020|
|Jun 2020||10 Jun 2020|
|Jul 2020||10 Jul 2020|
|Aug 2020||10 Aug 2020|
|Sep 2020||10 Sep 2020|
|Oct 2020||09 Oct 2020|
|Nov 2020||10 Nov 2020|
|Dec 2020||09 Dec 2020|
|Jan 2021||08 Jan 2021|
1. Is the iCycle scheme part of the Cycle to Work Initiative?
The iCycle scheme is NOT part of Cycle to Work scheme run by the government. It is based on the interest free loan.
2. Are monthly deductions for the iCycle loan taken from the salary before tax?
No. Deductions are made after tax and NI contributions are deducted from your salary. Therefore there are no savings on the tax and NI. The iCycle is NOT a salary sacrifice scheme.
3. Can I buy a bike from any shop?
Yes. You can buy a bike from any shop of your choice and even a second hand bike (receipt confirmation still required).
4. Can I buy the bike before I receive the loan?
Yes. You can buy a bike before you receive the loan money with your salary.
5. Will I receive confirmation when my application is successfully processed?
No. There is no confirmation sent from the Payroll department to indicate that application has been received or that the loan has been granted. If you are eligible for the loan, the money will appear in your salary (deadlines to apply are listed on the website).
If you have a question about iCycle please contact Aga Scibor for more information:
Email: Aga Scibor
Phone: 020 7594 8741