We take part in Cycle to Work as we wish to support those who wish to cycle to work whether it's for pleasure, aiming to be healthier, trying to be more green or any other reasons. Made Tech have a limit of £2500 with CycleScheme which can be used to purchase a bike and any accessories you will need. You then pay a monthly 'salary sacrifice' to effectively 'hire' the bike and kit, over a 12 month period. Once this period has been completed you will be given options around owning your bike. The FAQs section of their website has lots of information regarding these options.If you leave Made Tech before paying off the purchase, the balance will be taken from your final salary payment.
Start your application quickly and easily through the CycleScheme portal which you can access via Bob benefits. All you will need is the Employer Code which can be found in the information section of the Bob benefits CycleScheme tile. Once you have entered the Employee code go through the application process using your Payroll number (labelled Employee ID on your bob profile, or can be found on your payslip.)
Once you have completed the application it will be sent to a member of the people team to approve your request. Once approved you will receive your eCertificate which can then be exchanged for your gear in store or online!
If you request your product before the 18th of the month your deductions will begin the same month, however if you request your voucher on or after the 18th your deductions will begin the following month.
CycleScheme is a great employee benefit which offers the most cost-effective way to get new cycling equipment. The scheme is run via a salary sacrifice meaning you won’t pay tax or national insurance – this saves you between 25% and 39% on your new bike and accessories. This reduced cost is simply deducted out of your payslip over 12 months, so no need to worry about large one-off costs!
Yes, as of 5th December 2022.
The maximum value you can apply for is £2500.
We recommend finding your perfect bike and accessories before applying so you know exactly what amount to apply for. This way you won’t apply for too much or too little – this is really important to get right because you cannot amend your application once you have been approved. You can also use the Savings Calculator to find out how much you will be saving on your package.
You can only be in one agreement at a time, the next time you will be able to make an application will be once you've repaid your instalments. So if you are going to be paying back over a year, it would be best to think about your cycling needs over the whole year, not just right now.
No, the items you select must be for yourself.
Of course! You may want to get a whole new upgrade, or a second bicycle for a different season or terrain. Just want accessories? Using the Cycle to Work scheme for accessories only is a very popular option for employees who already own a bicycle and just want to upgrade the rest of their equipment!
You can shop in-store or online, with over 2,600 CycleScheme retailers to choose from across the UK.
Yes! You are more than welcome to just get cycle accessories. Treat yourself to a new helmet, clothing for every season, locks, lights and much more!
An eCertiificate is the voucher you will be given once your application is approved. This is how you can purchase your bike or any equipment or accessories.
Although you do not have to use your eCertificate all at once, we would advise that you do as your salary sacrifice amount will be according to the total amount you applied for, even if you spend less.
Technically once you have submitted your application, you are unable to amend it. What you would need to do is cancel your application and reapply for your new amount.
No, the government guidelines state that you should use your bike and accessories for commuting for at least 50% of its usage however you do not have to log your bikes mileage and we thoroughly encourage you to use your bike in your spare time.
This one’s down to you! Looking after the bike is your responsibility, so we encourage you to purchase insurance. CycleScheme offers insurance options with Bikmo through their website.
Once your hire period has come to an end, CycleScheme team will get in touch to discuss your options (Own it later, Own it now and Return.) The FAQs section of their website has lots of information regarding these options.
CycleScheme are the legal owners of the bike from the start of the hire period, the bike is leased to you. Once you reach the end of your initial 12 month hire period, ownership of the bike will then automatically be transferred to you depending on which ownership option you choose at the end of your initial agreement. Should you not wish to purchase the equipment you can continue to loan it until it is 4 years old at which point the bike automatically becomes yours (unless you wish to return it.)
Your hire agreement is essentially the ‘terms and conditions’ of CycleScheme, which you will sign when you apply. Your hire period is the period that this agreement is valid for - this is also the period in which you will pay your salary sacrifice (12 months.)
We completely understand that life can be unpredictable. If you were to leave your company or be made redundant in your hire period, the remaining gross balance would simply be deducted from your last payslip.
Through CycleScheme, you will save between 25% and 39% through tax and national insurance and the cost will simply be deducted from your payslip. You’ll also get loads of free extras, discounts and benefits on the CycleScheme website which you would not get on Interest Free Finance! For example, a bike costing £1000 could cost as little as £56.60 a month over 12 months on CycleScheme - compared to £83.33 through Interest Free Finance.
Once I put in my application via the CycleScheme website how long will it take to process my application?
We will review any new requests every Friday afternoon so you shouldnt be waiting for more than one week for approval from Made Tech.