Please read the below information and then return to the Cycle to Work with Forest registration form to accept and confirm your intention to enter into a salary sacrifice agreement.
Salary sacrifice agreement
I understand that the terms and conditions of my contract will be altered to forego £45 of my monthly gross pay for the hire of a bicycle, and this will be a recurring cost over a 12 month period if I’ve selected the annual subscription. If I have selected the monthly subscription, I understand a recurring payment of £60 a month will be deducted from my monthly gross pay.
I understand that the cost of the bicycle hire will be deducted from my gross pay for a year from the date whereby both the employee and employer have accepted the terms of this salary sacrifice agreement, and the employee’s desired subscription start date has occurred.
Both subscriptions automatically expire after a 12 month period. You will be required to set up a new agreement should you choose to extend either subscription.
The salary sacrifice scheme requires you to accept a reduction in your remuneration in return for a non-cash benefit, in this case, a cycle to work benefit.
As a result of the salary sacrifice scheme, you will be entitled to savings through tax and national insurance contributions
Early Termination
In the event of termination of employment on or before that date the full amount owing for an annual membership at that date falls due immediately and may be deducted from any final pay due to me. I will repay in full any monies outstanding under this scheme.
*The monthly rolling subscription can be terminated at any point with no further payment obligations, provided one month's notice has been given in writing.
Use of the bicycle
I declare that the bicycle to be hired by my employer on my behalf as part of the Government tax incentive scheme** is for my own personal use and will be used mainly for the purposes of qualifying journeys, where qualifying journeys are defined as the whole or part (e.g, between home and train station) of a journey between an employee's home and normal place of work, or between his or her normal place of work and another place of work.
**as defined in section 7 of the Finance (NO. 2) Act 2008
