Under this agreement, the employee must:

• Be a salaried member of staff
• Have a contract of employment that outlasts the duration of the salary sacrifice  hire agreement period
• Have a salary which will not be reduced beneath the national minimum wage (as a result of the salary sacrifice)
• Have completed a minimum of three month's service
• Be a UK taxpayer
• Be over the age of 18

To obtain your voucher you must:

• Visit your local participating bicycle shop to choose your equipment and obtain a written quote
• Go to the Cyclescheme website and request your Cyclescheme certificate
• Await the arrival of the e-voucher from Cyclescheme (this can take up to three weeks)
• Redeem your voucher at the bike shop and collect your goods (you must provide your LSE photo ID card to do this)
• Start to pay back your loan from gross salary, via salary sacrifice. Your first payment will be deducted from your salary in the month that you receive your voucher
• For the City Hire Santander Bike, the rules are slighlty different so please read them carefully.

• Cyclescheme website
• Frequently asked questions

What is the timeframe involved?

Voucher applications can take up to three weeks from the date of the application

What is the payback period?

12 or 24 months with a monthly salary sacrifice if contract of employment outlasts the hire agreement period

What happens at the end of the hire agreement period?

If you choose to keep the bike at the end of the hire agreement, there will be a residual fee to pay towards the bike that would need to be paid over to the Cyclescheme.

If you choose not to buy the bike you will have to return it to Cyclescheme.

At the time of applying for the hire agreement, you can decide what happen at the end of it.

How many times a week to I have to use the bike for work?

There is no requirement for you to cycle to work for a specified number of days throughout the year and there is no special requirement for you to record your trips. You can also use the bike for leisure at weekends and on holiday, although a bike purchased under Cyclescheme should be used for at least part of 50% of the trips you do to work.

Is it my responsibility to insure my bike?

Yes, it is very important to insure the bike (and any goods fitted to the bike) to safeguard against the losses following theft.

What happens if the bike gets stolen before I've paid for it?

It will still be down to you to complete the full payment even if you no longer possess the bike.