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Traditionally the scheme has always been capped at £1,000.00 as a maximum package value but thanks to the Cycle 2 Work Alliance this has now been changed to allow employers to choose their own limit to better suit the needs of their employees.
As we hold our own Consumer Credit Authorisation, we are able to provide the authorisation for scheme packages above the £1,000 threshold allowing the organisations we work with to set their own limits, while being fully compliant with DfT and HMRC (whose schemes we also run).
The Cycle to Work scheme now allows you to choose what package value limit you want for your scheme. This change in guidance means you can provide a Cycle to Work scheme that's more inclusive than ever before, allowing you to cater for every type of cyclist in your workplace. When an enhanced scheme limit is used, Cycle Solutions retain ownership of the bike but issue a Salary Sacrifice Agreement to both the employee and employer, along with a Hire Agreement for the employee to approve before goods are released.
The refreshed scheme guidance means that the increased limit and process is optional to employers and if you wish to run a "standard" Cycle to Work scheme then this option is always available.
