University of Oxford Bicycle Loan Scheme
PLEASE NOTE- THE UNIVERSITY NO LONGER OFFERS A DISCOUNT SALARY SACRIFICE SCHEME. The University is now offering staff interest-free loans, to the value of the employee's monthly net pay (or a maximum of £1,000, whichever is the lower), to assist with the purchase of a bicycle and associated safety equipment for personal use).
What are the benefits?
- An interest free loan with repayment by monthly deductions from net salary over 12 months
- The ability to purchase from almost any retailer of your choice, on-line or through a local store (purchases via salary sacrifice schemes are limited to approved partners)
- Up to 10% discount off the standard price at selected Oxford bicycle retailers
- No administration charge (many retailers add 10% onto the standard price to cover administration charges they incurr for salary sacrifice scheme sales)
- You own the goods immediately (salary sacrifice schemes operate on a ‘hire’ basis with ownership typically transferred after 4 years)
- No additional payments (salary sacrifice schemes typically require a final additional payment to transfer ownership to the employee)
- All applications and enquiries processed by University Administration and Services
Who can apply?Loans are available to all staff on appointments of 12 months duration or more. Staff is defined as those on a University contract of employment and paid through the University's main monthly payroll.
How to apply for a bicycle loan
- Choose your bicycle and safety equipment and obtain a written quote from a bicycle retailer of your choice. This can include online retailers as long as they are willing to provide a written quotation and accept a cheque or credit payment from the University.
- Complete and sign the application form and obtain written authorisation from your Departmental Administrator.
- Send the completed form to the Payroll Department, Oxford University, 23-38 Hythe Bridge Street, Oxford OX1 2ET.
- Confirm payment and arrange collection with the bicycle retailer. The University's main payment run for all UK payments takes place each Thursday. Invoices received by the Payments Team by 17:00 on Tuesday will be included in the weekly run. BACS payments take four working days for the banks to process, so payments made each Thursday will usually appear in the accounts of bicycle retailers on the following Wednesday. Cheque requests received by the Payments Team will be processed within 5 working days.
The University has negotiated discounts for staff with the following local retailers:
Beeline Bicycles - 10% off standard prices for bicycles and accessories
BikeZone - 10% off standard prices for bicycles and accessories (some restrictions apply)
Giles Cycles - 10% off standard prices for bicycles and accessories (some restrictions apply)
Summertown Cycles - 10% off standard prices for bicycles and accessories (some restrictions apply)
Walton Street Cycles - 10% off all new bicycles and 15% off accessories
Warlands - 5% off standard prices for bicycles and accessories
The University will make no refunds or replacements for lost or stolen bicycles and equipment. The University is not responsible for insurance against loss, theft and personal accident.
Repayment of the loan will be by deduction from the employee's monthly pay, commencing in the first available pay period after the receipt of application. The repayment period will be 12 monthly deductions.
If for any reason the employee leaves the University's employment before the balance of the loan has been repaid, any outstanding amount will be deducted from the employee's final pay. Where this is not possible, an invoice for the outstanding balance will be raised which will be payable immediately.
In the event that the bicycle is lost before the end of the loan period, the outstanding balance will still be deducted from salary.
The loan is not deemed to be a taxable benefit except where the balance outstanding of any loans provided by the University is more than £5,000.
In the event of failure to repay a loan, HM Revenue & Customs will be notified. They may treat the whole of the outstanding balance as a taxable benefit and subject the employee to a tax charge at the appropriate rate