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Everything
you need to know about Cycle Scheme
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All
information contained within this page is for the use of Wartsila
employees wishing to apply for the cycle to work scheme with
Work Cycle, Cycle World and other participating
partner shops.
So what's Work Cycle all about?
Many companies now operate
a green transport policy for their staff, this
can provide funds and substantial discounts that enables employees
to purchase
a bicycle
and safety equipment for use when commuting to
work.
Wartsila have appointed Work Cycle (part of the Cycle World
group)
as their dedicated
agent for this scheme. More details of the Work
Cycle Scheme can be found on our main site, simply click
here.
In order for your application to be processed you are required
to follow the procedures set out below and agree to be bound
by the
conditions set out by all parties. To
help you understand your rights
and responsibilities please take a look at the FAQ
agreement below,
you will be required to download
this document, please print, sign and submit this with
your application/quote.
How do I apply?
To get started you will need to visit your local
participating bicycle shop and choose the bike and accessories
you wish to purchase.
Staff at the shop will provide you
with a Work Cycle Scheme Quotation that you
will need to present to your regional line manager
along
with
the signed
FAQ
Agreement.
You can work out your savings along with the automatic wage
deductions / salary sacrifice by using
the Excel
calculator.
Upon approval you will be required to sign an agreement between
yourself and Wartsila, this agreement will be provided by
your line manager at each Wartisla base.
Shortly after this time you will be notified by your local
bike
store when the cycle is ready for collection.
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Participating
Bicycle Shops
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What
happens after 12 months when the scheme has ended?
The Hire Agreement requires employees to return the bicycle and
equipment at the end of the hire period. However, once at that
point a decision can be made to offer to sell the cycle and
equipment for fair market value.
Cycle professionals advise that the residual value of a bicycle
after 12 months use is around 5% (plus VAT) of the original
price.
Does it matter what the bicycle is used for?
The bicycle can be used
for any journey, work or pleasure.
However, as the scheme has been
launched by the Government
to encourage people to use bicycles to travel
to and from work at
least 50%
of the bicycle's use should be for work purposes.
The company will not monitor employees’ usage
of the bicycle. It is the responsibility of the
employee to comply with the DoT
rules.
Is there a limit to the value of the bicycle an employee can
acquire?
Due to Consumer Credit
Regulation most employers limit
the value of the cycle and equipment
that can be acquired under
the scheme
to £1,000 inclusive of VAT. There are
NO exceptions to this rule.
What if the cycle is damaged, lost or stolen?
It is your responsibility to insure the bike
against damage and theft. If the bike is damaged or stolen
the hire agreement
is not cancelable and you will still be required to pay for the
bicycle and safety equipment hired. If damaged, you will also
be required
to pay for repairs.
•
Bikes can be covered by your household contents insurance and treated
like any other possession. Check your insurance policy and make
sure it covers the bike nationwide and that it pays for a replacement
in case of a “total loss”.
• Insurance companies
such as Cycle
Guard cover you in
case of loss of or damage to cycle and accessories
in a crash, theft of cycle and accessories (but
not theft of accessories alone) and malicious damage.
Am I insured against injury Whilst using
the equipment?
Only if you have taken the cover out
yourself. This agreement is solely a Hire Agreement The Company takes
no responsibility
for any issues arising from your use of the equipment. THIS
IS A METHOD OF FINANCING ONLY
Summary
Wartsila UK provide the Finance to assist with the purchase of
the bicycle and safety equipment to be used in accordance with
the DoT guidelines. WUK is purely acting as a finance provider
and take no responsibility whatsoever for any losses which an
employee may incur following their decision to take advantage
of this scheme.
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You can
contact us in a number of ways, for cycle specific information
please call your local participating partner
store. For all other enquiries including dealer support
please call the number below.
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0845
652 6508
All
Enquiries |
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