Cycle to Work
Employees can select to participate in the salary sacrifice Cycle to Work scheme via the MyLife [VMware network access required] benefits portal. The benefit can be selected in any given month and is not restricted to open enrolment each year.
This scheme allows you to purchase a bike and qualifying equipment through a 12 month hire agreement, whereby you loan the bike from Halfords. The purchase is made through a process called salary sacrifice, which allows you to receive the vouchers free of both Income Tax and National Insurance.
You are encouraged to do your market research in advance of making the selection in MyLife [VMware network access required] so that you select the right amount you need to make your purchase.
All regular full time and part time employees who are employed by VMware at the point selecting the benefit. Fixed Term Contractors and Interns are not eligible for this flexible benefit.
You may choose a bike and eligible equipment from a minimum value of £100 up to a maximum value of £2,000. This voucher can be used to purchase a bike and any qualifying equipment, including locks, lights and helmets at any one of the 465 Halfords stores or one of their 700+ partnered retailers. Visit www.halfords.com, www.tredz.co.uk or call 03455 046444 to details of participating retailers near you.
You will be able to choose the value of the Cycle to Work voucher via the MyLife [VMware network access required] portal. The cost of the voucher will be deducted from your payroll via salary sacrifice in equal installments across 12 months. The voucher can then be redeemed against a bike and equipment of the equivalent value.
The benefit begins on the first of the month in which you select the benefit so long as you have selected the benefit prior to monthly payroll cut off (10th of the month). If you select the benefit after payroll cut off the benefit will begin on the first of the following month. You will not be able to make any changes until your 12 month hire agreement period has ended. If you wish to select the benefit again at the end of this period you will need to actively re-select it via MyLife [VMware network access required].
The benefit ends at the end of the 12 month hire agreement or on your last day of employment with VMware whichever is the sooner.
If you leave before the end of the 12 month hire agreement period, you must pay VMware the balance of the amount of the 12 month deductions still to pay and this will be deducted from your final payroll. You will be offered by Halfords to either taken ownership of the bike or return it to Halfords.