If you are a large organisation, why not consider becoming a corporate client and join Corporate GCI. You will have a dedicated portal where you can review and authorise your teams’ applications. Your scheme manager will receive e-mail notification when an application is submitted and have access to the signed documents in one place.
The following comprehensive step by step guide details every step in the Corporate GCI process so there are no surprises:-
Step 1: Employee learns about GCI from their employer and obtains a GCI code
Step 2: Employee visits a registered bike shop and chooses a bike package.
Step 3: The employee enters their company’s GCI code and their bike package details into the GCI quote page.
Step 4: Employer approves the employee’s scheme application via the portal.
Step 5: GCI e-mails salary sacrifice & hire agreements for electronic signature. Once both documents are signed, GCI e-mails invoice to the employer for immediate payment (30 day terms available to public bodies)
Step 6: GCI e-mails reseller the self-invoice and payment for bike package.
Step 7: Voucher is e-mailed to the employee so they can collect their bike. It is vital that the employee takes the voucher and photo ID with them when collecting their bike.
Step 8: GCI e-mails copy of the salary sacrifice agreement to the employer’s Payroll Dept so salary can be adjusted.
Step 9: Employee’s salary is reduced through salary sacrifice for agreed period of time. The employer will start to repay the third party finance, if used.
Step 10: After 12 months hire agreement period ends, GCI invites the employee to enter into a free of charge loan of the bike for a further five years.
Step 11: After loan period ends (5 years), the employee makes nominal £1 payment to take title ownership of bike. Bike has no market value at this point.