Season Ticket Loan (non Stagecoach)
Benefit: Season Ticket Loan
Background: You can apply for an annual season ticket loan from Lancaster University to
pay towards your public transport travel costs to and from work. You will be able to borrow
up to £5,000 which must be used for public transport to and from the University. The University will pay the transport company directly and you will then repay the loan in
monthly instalments with no interest charged on the amount borrowed. You can only apply
for one loan of this type per year.
You will need to re-select this benefit during the annual enrolment window.
Loan of up to £5,000
Tax and NI implications: The repayment of the loan is taken from net pay so there are no savings on tax and NI. The loan is not taxable and must be repaid within twelve months of being advanced.
Savings: You save the cost of interest on the money you borrow
How do I get this benefit? As soon you receive an invoice from the provider, enter the value into the Flexible Benefits system and send a copy of the invoice to Sarah Harding, Finance Division. The invoice will be paid in full by the University by BACS.
If you cannot obtain an invoice from the provider, please complete a finance payment voucher with the provider's details and return this to Sarah Harding, Finance Division to facilitate payment by BACS.
Monthly payments will be automatically deducted from your pay to repay the loan.