Terms and Conditions for your Salary Sacrifice Application through CycleSaver
By submitting your application for a salary sacrifice through CycleSaver, you agree to the following terms and conditions. This agreement outlines your obligations and conditions regarding the salary sacrifice arrangement and provides clarity for both you and your employer. Please read carefully before submitting your application.
1. Agreement to Salary Sacrifice
Upon application submission, you consent to a reduction in your gross salary by the amount specified in your selected CycleSaver product plan. This reduction is applied pre-tax and will continue as per the specific commitment terms of the chosen product.
2. Product Commitment Options
- Monthly Commitment: For products under a monthly commitment plan, you agree to a pre-tax salary sacrifice on a month-to-month basis. You may cancel this salary sacrifice at any time by providing at least thirty (30) days’ written notice to your employer and CycleSaver. The salary sacrifice will cease in the month following your cancellation request, subject to a notice period.
- Yearly Commitment: For products requiring a full-year commitment, you have the option to either:
- 1. Deduct the total cost as a monthly pre-tax salary reduction over twelve consecutive months, or
- 2. Deduct the full amount in a single month, at the beginning of the commitment period, if this option is chosen at the time of application.
3. Missed Payments
If, for any reason, a salary sacrifice deduction is missed in a given month, the amount will be added to the following month’s deduction on top of that month’s sacrifice. This ensures that the total committed amount is still met within the commitment period.
4. Tax Savings
Depending on your annual income, the CycleSaver scheme allows for significant tax savings. The exact savings will vary based on your tax bracket. Please refer to the tax savings estimation provided by your employer or CycleSaver for further details.
6. Employee Acknowledgement and Obligations
By accepting these terms, you acknowledge that:
- The salary sacrifice deduction might impact your gross salary, potentially affecting benefits calculated on gross income (e.g., pension contributions, statutory payments).
- For yearly commitment products, you cannot cancel or opt out of the salary sacrifice agreement until the completion of the full term, as outlined in 2.
- You agree to use the product primarily for commuting purposes, generally interpreted as at least 50% of your trips or mileage. No log or record of usage is required.
- Additionally, you agree to abide by your chosen bike share Provider's Terms and Conditions to utilize the product.
6. Responsibilities of CycleSaver and Your Employer
CycleSaver and your employer will implement and manage the salary sacrifice arrangements as per your selected product terms. Both parties will ensure that your salary reduction is applied accurately and will make adjustments based on any changes or cancellations submitted in writing, where applicable.
7. Resignation or Termination of Employment
In the event of resignation or termination of employment, you will no longer be entitled to benefit from the tax savings referred to above. The outstanding balance of the salary sacrifice amount, if any, will be deducted from your final paycheck, if possible. Should your final paycheck not cover the remaining balance, you agree to settle any outstanding amounts with your employer within 14 days following the termination of employment.
8. Product Availability
Your salary sacrifice payments under this agreement will continue even if the product is temporarily or permanently unavailable. CycleSaver will work to resolve any issues with your chosen bike share Provider, including efforts to seek compensation for any extended periods of unavailability.
9. Right to Cancel
You may cancel your agreement within 14 days of accepting this agreement by notifying your employer, cancelling your application through your application portal (to which you can find a link in emails received from CycleSaver) or contacting CycleSaver directly at info@cyclesaver.co.uk.
The cancellation and refund policy will align with your chosen bike share Provider's policies.
10. Force Majeure
Neither party shall be liable for any delay or failure to perform its obligations under this Agreement due to circumstances beyond its reasonable control, including but not limited to acts of God, war, government regulations, disasters, strikes (except those involving the employees of the party seeking to invoke this clause), and civil disorder.
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