Has your employer approved your Cyclescheme certificate request? Will you be picking up your bike soon? You can find the answers to these questions and more by logging into your MyCyclescheme account. Every Cyclescheme participant has a MyCyclescheme account. When you make an application, you receive an email telling you how to set it up.
There are six stages for your Cyclescheme certificate.
Waiting for your employer to approve your request. You’ve itemised your Cyclescheme package, or at least picked its value, and have applied online for the requisite certificate. Your employer gets notified automatically and the ball is now in their court. They may approve your application in a day or two or it may take several weeks. It varies by employer.
Waiting for payment. As soon as your employer approves your request, they’re sent an invoice for the certificate by Cyclescheme. (That’s how it works: your employer buys the bike and/or accessories, and you reimburse them in instalments by making salary sacrifice payments.) Once your employer pays the invoice, your certificate will be sent directly to you by Cyclescheme.
Your certificate is on its way. When certificates were issued by post you could expect to wait a couple of days. These days certificates – or eCertificates as they are known – are sent instantly by email. Check your email inbox. If the eCertificate hasn’t arrived, check your email application’s junk folder(s) to make sure it hasn’t been diverted by overzealous filtering.
You’re riding to work! When you’ve got your eCertificate, you can either print it out or display the email on your phone. The shop needs the eCertificate number and Redemption Code to process the order and give you your package. When your certificate has been redeemed, it will be shown as ‘collected’ on MyCyclescheme. Note that the certificate must be redeemed within 60 days from the date of issue.
5. Decision time
At the end of the salary sacrifice period – normally a year – you have three ownership options. You need to choose an ownership option to conclude your scheme and obligations. Cyclescheme's recommend option is to 'Own it later' by paying a deposit of 3% or 7%* of the certificate value and entering into an 'Own it later' Agreement with Cyclescheme. You continue to use the bike and/or accessories for a further three years, at the end of which you can either return the package to Cyclescheme (your deposit is refunded) or keep it (no action required). The 'Own it later' Agreement saves you the most money and so is the best option for most participants. Other options taking ownership of the package right away by paying Cyclescheme 18% or 25%* of the certificate value or returning the package to Cyclescheme at your own expense (although not many participants will choose this option). Read more on ownership options.
*The lower figures are for packages under £500, the higher figures for packages £500 and over.
You now own the bike and/or accessories, assuming you didn’t return the package to Cyclescheme. (Until now you’ve been hiring.) Whether or not you decided to keep the package, you can participate in the scheme again.
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