Cycle to work scheme “no guarantee of ownership”

[Deleted User]

Ballard said:

Herzlos said:

The fee for ownership is meant to be based on the assumed value at the time, roughly. So If you go for the 1 year you're buying a 1 year old bike (25% value) and so on. The cycle schemes usually encourage you to go for the 4 year approach so you're making payments for 1 year, then after another 3 years you're buying a 4 year old bike (7%).

There's really no reason to take a shorter period, though it does mean that if you leave the company within that time they may either ask for the bike back or the outstanding money.

I completely agree with this post but in my case my company only offered the one year option and that was only open for a couple of months. This was made clear when they announced the scheme. 

I suspect they don't want to run it to be honest, put people off using it. The end of year options are not offered by your company anyway so no idea how they planned on dictating that - unless they ran the whole thing themselves

Ballard

Deleted_User said:

Ballard said:

Herzlos said:

The fee for ownership is meant to be based on the assumed value at the time, roughly. So If you go for the 1 year you're buying a 1 year old bike (25% value) and so on. The cycle schemes usually encourage you to go for the 4 year approach so you're making payments for 1 year, then after another 3 years you're buying a 4 year old bike (7%).

There's really no reason to take a shorter period, though it does mean that if you leave the company within that time they may either ask for the bike back or the outstanding money.

I completely agree with this post but in my case my company only offered the one year option and that was only open for a couple of months. This was made clear when they announced the scheme. 

I suspect they don't want to run it to be honest, put people off using it. The end of year options are not offered by your company anyway so no idea how they planned on dictating that - unless they ran the whole thing themselves

My company only ran the scheme as a temporary measure as a number of people had expressed an interest in cycling to work post-pandemic. They’d made it clear that it would only operate for a short period and the only term available would be 12 months.

Whilst the end of year terms were not down to them, the scheme only allowed a few retailers and the one I looked at had poor terms (or at least so I thought at the time). 

I’m not sure why my employer didn’t do the scheme permanently as they’re generally reasonably good with this sort of thing.