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Cycle2work

The University of Reading is pleased to announce the launch of its Cycle2work Scheme in conjunction with Halfords. This scheme forms part of a package of travel benefits for staff which take advantage of tax and National Insurance savings.

Cycling to work is beneficial for your health & fitness, is good for the environment, and you can save money on the cost of a new bike by participating in the scheme. You can choose a bike and accessories up to the value of £1,000 and you can make savings of up to 40%! Halfords work in partnership with a network of over 500 independent bike shops to be able to provide an extensive range of bikes (over 30 brands), advice on bikes, safety and security accessories and maintenance and repair services.

The scheme works through a salary sacrifice arrangement, whereby the University loans the bike to you over a 12 month period. At the end of which, your options will be discussed with you.

The scheme

You can choose a bike and safety/security accessories up to the value of £1,000, through a salary exchange arrangement spreading the cost over a 12 month period. As your gross salary will be reduced by the value of the bike, you will pay less tax and National Insurance, saving you money. Savings are around 32% for basic-rate taxpayers and 42% for higher-rate tax payers. During this period, you will be hiring the bike from the University. A number of options will be available to you at the end of the hire period.

You must use the bike mainly for commuting to or from work (approximately 50% of your journeys should be made by bike). This can include cycling between your home and the station if you travel to work by train.

Eligibility criteria

To be eligible to participate in the scheme you must be an employee of the University of Reading and have a current contract of employment. You will not be eligible to participate in the salary exchange arrangement if by doing so would reduce your salary below the National Minimum Wage. However, an alternative arrangement is available to enable you to obtain a bike.

How to join

You can join the scheme at any point throughout the year by clicking on the link to the Halfords Cycle2work scheme and registering using the Employer Code readingunic2w.

For more information about how to apply click here or telephone Halfords on 0345 504 6444.

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