Travel Season Ticket Loans A Terms And Conditions Of

travel season ticket loans a. terms and conditions of the scheme 1. the university will make loans available for the purchase

Travel Season Ticket Loans
A. Terms and Conditions of the Scheme
1.
The University will make loans available for the purchase of
season tickets for travel by rail (second class fare), bus or
other approved transport. Under the current HMRC regulations the
provision of an interest-free loan for such purposes up to the
value of £5,000 is not a taxable benefit. Any tax liability which
may arise in the future as a consequence of changes in HMRC
regulations will be charged to the employee.
2.
All employees of the University who have completed six month's
service and whose appointments have at least twelve months to run
are eligible to apply.
3.
No employee of the University will be allowed more than one loan
in any period of twelve months (unless the first loan is repaid in
full).
4.
The minimum amount of loan will be £100.00, the maximum £5000
(subject to periodic review). The loan shall not normally exceed
15% of an employee's salary.
5.
On successful application a payment will be made payable to the
approved ticket issuing authority or, if the member of staff has
already purchased the season ticket, then they can apply for a
loan and the amount will be made payable to themselves on
production of a receipt and photocopy of the travel pass.
(Alternatively the payment can be made direct via BACS or as an
addition to net pay together with the first repayment).
6.
Loans are repayable by deduction from monthly salary by equal
instalments over a ten month period, starting in the month the
loan is agreed. The outstanding balance of the loan can be paid
off at any time by arrangement with the Head of Reward and
Information Systems.
7.
The employee receiving the loan will remain responsible for
complying with any conditions imposed by the carrier concerning
use, loss, transfer, refunds etc. In the event of a loss of
ticket, deductions will continue unabated until the original loan
has been paid off.
8.
In the case of termination of employment before the loan is
repaid, the balance outstanding will be recovered from the final
monthly salary and if this is insufficient by direct payment from
the employee. If the employee defaults on the loan, the
outstanding balance will be deducted from the relevant
School/Service whilst Financial Services pursues the individual
for payment.
9.
The season ticket loan scheme and any conditions attached to it
may be amended by the University at any time and notified to staff
through the intranet. Any alteration in the terms of the scheme
would not affect loans outstanding at the time of the variation.
The University reserves the right to refuse a season ticket loan
to an individual at its discretion and the existence of this
scheme does not confer any rights on any persons to loans and
advances against salary for other purposes.
10.
The loan is advanced for the specific purpose of purchasing a
season ticket for travel to work and back. Any misuse of the
scheme could result in disciplinary action.
11.
If the amount of money is advanced before the production of a
receipt then a receipt must be provided within 21 days. Failure to
do so will result in the full deduction being taken from the
employee’s next salary. If this doesn’t clear the outstanding debt
then salary will be withheld until the amount is paid in full or a
receipt is provided.
B. Application for Travel Season Ticket Loan
1.
The employee must complete the Travel Season Ticket Loan
application (Form PL34) and it must be authorised by the
Dean/Director or nominee. The approver must be a recognised
authorised signatory.
2.
In authorising the application the approver confirms that the
employee is eligible for a season ticket loan in accordance with
the conditions set out above.
3.
It is recommended that applications should be submitted at least
28 days before the date required.
THE UNIVERSITY OF HUDDERSFIELD
Travel Season Ticket Loan Application Form
*
Surname
(Mr/Mrs/Miss/Ms/Dr/Prof)
*
Full Forenames
*
Payroll Number
*
School/Department
*
Home Address
Post code
*
Name of travel company providing travel pass and details of who
the cheque should be made payable, and the total amount
OR
Payee
Total Amount
£
*
Choose method of reimbursement and attach a receipt and photocopy
of the travel pass purchased
 By BACS using the bank details for my salary payments
 Together with my salary in the month in which my first instalment is
paid
I agree to the following conditions:
I agree to repay the loan from deductions from my salary each month,
in 10 equal instalments, starting in the month the loan is agreed.
In the event of my employment with the University being terminated for
any reason before the loan is repaid in full then the University will
recover the balance from my salary and any other monies paid to me
during my notice period. I agree to pay any further outstanding
balances by cheque prior to departure.
I agree to the terms and conditions of the University Season Ticket
Loan Scheme.
Signed : _______________________________ Date: ____________________
I authorise the Travel Season Ticket Loan Request:
Signed:
Dean/Director/Cost Centre Manager
Please print name:
Date: