We're a member of the government's Cycle to Work scheme, which allows staff to apply for a loan of up to £4,000 to hire a bicycle from approved retailers. At the end of the rental period, you'll have the option to purchase the bike for a small additional fee. Because the loan is deducted via salary sacrifice, you'll benefit from tax relief and a reduced National Insurance rate, resulting in average savings of 23%-39% compared to retail prices.
What can I get?
There are various options for employees considering the Cycle to Work scheme.
A salary sacrifice loan to cover the cost of a bike and equipment:
You can apply for a loan of up to £4,000 to cover the cost of a bike of your choice, and most associated equipment for your commute, for example, clothing, parts, accessories and tyres. This includes child safety seats if you share your commute with your little one.
You can choose to shop from over 2,600 retailers nationwide, either in-store or online. You can visit the Cyclescheme website for a full list of retailers.
At the end of the rental period, either 12 or 18 months, you'll have the option to purchase the bike for a small additional fee determined by HMRC based on a fair market value.
Bike Rental (6/12 months):
The Cycle to Work scheme also includes bike rental, available for 6- or 12-month terms across multiple providers, including Buzzbike, Swapfiets, Beryl, Brompton, Santander Cycles, and Forest.
More on Santander Cycles…
As mentioned, the Cycle to Work scheme includes London's ubiquitous Santander Cycles! Staff can now apply for an annual membership through Santander Cycles via salary sacrifice, with a discount of 26-40%.
Santander Cycles allows you to pick up and drop off bikes from hundreds of spots around London, with an annual membership providing you unlimited access to journeys below 30 minutes. Find out more about membership on the TfL website. Applications can be made directly on the Cyclescheme website. You can also find out more with the Cycle to Work - Santander Cycles Guide
How do I apply?
Applications can be made directly on the Cyclescheme website. If you need any support, you can contact hrrewardandbenefits@imperial.ac.uk.
CycleScheme Webinar
March 2024
BHN, our CycleScheme providers, have kindly pre-recorded a webinar to explain how the scheme works and the various hire/rental options available. They also explain the financial and health benefits of cycling and answer questions we regularly receive from Imperial staff.
Frequently asked questions
- How long will it take for my application to be processed?
- Can I amend the loan amount that I have applied for after it has been submitted?
- What if I leave Imperial before my 12-month payment period ends?
- Can I apply for a second loan?
- Is there a limit on the loan amount?
- Is the scheme open to students?
- I'm having trouble getting hold of a bike
- What will happen to my Cycle repayments if I take family leave?
- Can I split the certificate across multiple vendors?
- How long do I have to redeem my certificate?
- Can I cancel my application?
- Who can apply?
- What Options Are Available?
Each application must be checked for eligibility before approval. Your application will be reviewed and approved (or declined if not eligible) within seven to fourteen working days.
Once an application is approved, it may take an additional 7 to 14 working days for your certificate to be released to you.
Unfortunately, this isn’t possible: each employee can hold only one loan at a time, and the amount applied for can't be changed once an application is submitted.
If you need to change the amount you are applying for, you'll need to cancel your application and make a new one for the new amount.
If you leave Imperial during your employment, the remaining balance on your loan will be deducted from your final month’s net pay. Cycle Scheme will then contact you with your bike purchase options.
The same principle applies to those on a Fixed-Term contract also.
An individual can have only one Cyclescheme loan to purchase a bike at a time; the 12-month repayment period must be completed before another application is made. Furthermore, it is not possible to purchase from two different retailers with the same loan, as each loan must be used at a single retailer.
However, in most cases, an employee can have both a Cyclescheme loan (to purchase a bike) and a bike rental certificate loan running concurrently. For instance, payments for a Cyclescheme bike purchase loan and for a membership to Santander Cycle may be deducted through salary sacrifice simultaneously.
The maximum loan amount is £4,000. It is not possible to part-purchase items under the scheme and pay the remainder with your own funds, so the scheme can only be used to buy bicycles and equipment totalling this amount or less.
Unfortunately, due to the mechanism through which it is administered (salary sacrifice), the scheme is only available to employees of Imperial.
We're aware that current consumer demand for bicycles is high. Cycle Scheme has compiled information on its website to help you. You can also contact their bike finder team via email for assistance.
If you take family leave (maternity, adoption, surrogacy, paternity and/or shared parental leave), the Cycle to Work repayments would continue as normal while you are on full pay (if you are eligible for the university scheme, which entitles you to 18 weeks at full pay). During any statutory and/or unpaid leave periods, the Cycle repayments would pause for this time until you returned to work on your normal salary.
No – each certificate can only be redeemed at one retailer, and the certificate amount should cover the exact cost of the bike (and associated equipment) that you are purchasing.
Your voucher can be redeemed for as long as the subscription is valid; however, salary deductions will be applied to your next payslip once your request is approved.
Yes. You have 14 days to complete this directly through your Cycle to Work account (you will see a 'cancel' option there to click). After 14 days, you will need to make a cancellation request, which must be completed within two months of the certificate's issue date.
To make a cancellation request, please email hrrewardandbenefits@imperial.ac.uk
Imperial Salaried Staff.
Please note that this scheme is not available to PhD students, GTA staff, or Casual workers.
- Bike Rental: You can choose a term of either 6 or 12 months only.
- Bike Loan: You can choose a term of either 12 or 18 months only.