Season Ticket Loans
Contents
Policy statement
1.
2.
3.
4.
5.
6.
Principles
Policy content
Related documents
Effective date
Review date
Amendment history
Issued 11/01/2012
Version 0.2
Page 1 of 5
Season Ticket Loans
V 0.2
Document Control Summary
Title
Electronic file reference
(network or intranet)
Status
Version No.
Date of this Document
Policy author(s)
Season Ticket Loans
KnowledgeBase
Published
0.2
11th January 2012
Rebecca Hill
HRG
Revisions by: Rosemary Buckingham
HR Business Partner
Policy owner
Ted Smith
HR Director
Approved by
(Names, titles and date)
Tec Smith
HR Director
Next Review Date
Equality Implications of this
Version
Issued 11/01/2012
Version 0.2
April 2014
None
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Policy statement
Advances of salary may be granted to all employees (other than those on
temporary appointments) who require financial assistance to purchase a season
ticket.
1.
Principles
1.1
This policy covers all MRC employees
1.2
Advances of salary may be granted to employees (other than those on
temporary appointments) who require financial assistance to purchase a
season ticket for travel between home and place of work, a season ticket
for congestion charges, a car parking season ticket and /or a bicycle for
home to office travel. Directors will have to be satisfied that the advance
will be used for the purchase of a season ticket (travel), season ticket (car
parking) and/or bicycle in accordance with the application before
countersigning.
2.
Policy Content
2.1
Season Tickets (travel)
Advances may be made to assist in the purchase of quarterly or longer
season tickets for travel on public transport and up to four advances (for
quarterly season tickets) may be made in a year.
2.2
Season Tickets (congestion charges)
Employees who use their cars to reach their place of work may apply for
an advance to assist in the purchase of a quarterly or longer season ticket
for congestion charges. Up to four advances (for quarterly season tickets)
may be made in a year.
2.3
Season Tickets (car parking)
Employees who park their cars and then use public transport or a bicycle
to reach their place of work may apply for an advance to cover the cost of
a car parking season ticket.
2.4
Season Tickets (payment of advances)
Payment of season ticket advances will normally be made with
weekly/monthly pay. Full recovery of any advance must be effected
within the life of the season ticket. A further advance will not be made
until an existing advance has been fully recovered.
Issued 11/01/2012
Version 0.2
Page 3 of 5
2.5
Bicycles
Employees who wish to purchase a bicycle for home to office travel may
apply for an advance up to a maximum of £200. Payment of advances for
the purchase of a bicycle will normally be made with weekly/monthly pay.
Any advance must be repaid over one year. A further advance will not be
made until an existing advance has been fully recovered.
2.6
Repayment
Income tax will be charged on the basis of gross pay due, ignoring the
advance itself and the deduction in respect of the advance. Advances will
be repayable by deductions from the employee's net pay in equal monthly
or weekly amounts commencing in the week or month in which the
advance is made. The deductions will be calculated by dividing the amount
of the advance by the period of the season tickets, or bicycle loan. Odd
amounts may be rounded up with an appropriate adjustment to the final
instalment.
2.7
Conditions
Advances are made on the following specific conditions:
(a) The advance, which is solely for the purchase of a quarterly or longer
period season ticket (travel) season ticket (car parking), and/or bicycle,
will be repayable on demand but that, without prejudice to the MRC's right
to demand repayment at any time, the intention is to allow repayment to
be made over a prescribed period.
(b) That in the event of the employee leaving the MRC's service, any
outstanding balance will immediately become repayable without demand
and may be set off against any pay/allowances or other payments due or
pension benefits if the rules of the pension scheme so permit.
(c) That authority is given to the MRC to make the appropriate deduction from
pay.
The application for an advance should be made on the Claim Form shown
below. The completed form should be submitted through the Unit Director
or authorising signatory to Payroll at the SSC. Repayment of the
outstanding amount of an advance will be required immediately if an
employee:
(a) Ceases to be an MRC employee; in these circumstances it will be
necessary to make special arrangements in order to obtain immediate
recovery of an advance which can no longer be recovered by deduction
from pay.
(b) Surrenders the season ticket(s) for any reason.
(c) Sells the bicycle for any reason.
3.
Related documents
3.1
Advance of Salary (Season Ticket/House/Welfare) Form
4.
Effective date
Issued 11/01/2012
Version 0.2
Page 4 of 5
4.1
This policy is effective from 25/7/2007
5.
Review date
5.1
This policy will be formally reviewed in April 2014
6.
Amendment history
Version
0.1
0.2
Issued 11/01/2012
Version 0.2
Date
25/7/2007
11/1/2012
Comments/Changes
Change of contact to Payroll, SSC
Reformatted for current policy
template. Change of form to
incorporate the Advance of
Salary (Season
Ticket/House/Welfare) Form
Policy published on:
Knowledgebase
Knowledgebase
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