What happens if I leave NES during the hire period?


Under the terms of the hire agreement and the Credit Consumer Act, the agreement to pay your employee's loan is non-cancellable. This means you would need to settle all outstanding monies should you leave NES before the end of the initial hire period of 12 months. The outstanding monies will recovered from your final net salary payment.

Settlement will be from your Net Pay because once you leave NES, you will also leave the Cycle scheme, and you are no longer eligible for tax/NI concessions on the outstanding balance. You will also be charged a termination fee. The termination fee will not exceed a value equal to the outstanding monthly reductions but may also include a sum equating to the fair market value at the time of the termination (to transfer ownership of the Bike to the Employee) You will advised at the time of leaving of any purchase/administrative sums due.