How to apply for an annual interest free season ticket loan
Please note that in light of the unique circumstances that the COVID-19 outbreak has presented us and the measures the HM Government have taken to counter it, UCL has decided upon the following guidance for employees should they seek a refund of any unused balance
The procedure to seek a refund and to reimburse the university is as follows:
- If you are a season ticket holder, you can apply for a refund for your ticket from your train operator, including Transport for London.
- National Rail is asking everyone to avoid unnecessary visits to ticket offices to minimise contact between passengers and staff. Please check with your train operator for instructions on how to apply for your refund remotely. More information about refunds and travel advice is available on the National Rail website.
- All season ticket loan balance repayments to UCL will continue via the same monthly salary deductions that are already in place as we wish to ensure a straight forward process for our employees during this difficult time.
IMPORTANT: Please note that you may only apply for a new Season Ticket Loan approximately 12 months from the date you applied for your current loan. Therefore it is advised that you hold onto the amount directly refunded to you, to enable you to fund your transportation until you have paid off the loan and can reapply for another.
All UCL staff are entitled to apply for an annual interest free season ticket loan as long as their contract of employment or external funding is for a period which exceeds the expiry date of the ticket (i.e. a minimum of 12 months) and their net monthly pay is sufficient to cover the deduction of the loan.
Season ticket loans are available for the sole purpose of purchasing an annual season ticket for use in travel from home to work. The season ticket will cover relevant public transport costs but not any other costs of travel, for example it will not cover any costs associated with car use including parking. Use of the loan for any other purpose could lead to disciplinary action. Loans are made in the form of a salary advance via UCL's MyFinance module.
If you do not have access at work to a PC then you must complete the ‘Season Ticket Loan Delegated Responsibility’ form (all staff can access their UCZ**** email accounts and MyFinance via a PC within any of the cluster rooms across the campus).
Once completed this form will have to be given to someone who is a MyFinance authorised approver within your faculty, or department. That person will have to apply online, on your behalf, for your season ticket loan and you will need to access you UCL email account to confirm your agreement to delegating this responsibility. If you have forgotten your login ID or password then you will need to contact the IT Services (help desk).
Please refer to the Terms and Conditions in section 4 below for further details.
3. Application procedure
If you are applying for a season ticket loan you should follow the relevant procedure below:
- Apply for a season ticket loan (this is my first application)
- Apply for a season ticket loan (I have had a loan previously)
If you have a problem accessing MyFinance or need help using the screens within MyFinance, you must contact the MyFinance Helpdesk on +44 (0)20 3108 3133, (internal ext: 53133) or via their Helpdesk email address; firstname.lastname@example.org. Alternatively, you can refer to the online help screens in MyFinance or, by viewing the online expenses booklet, specifically pages 18-23 of the guide.
Any questions concerning the terms and conditions of the STL policy can be directed to Emma Sweeney in Payroll and Pension Services, 1 St Martin’s Le Grand. Emma cannot assist with any queries relating to access or screen issues within MyFinance.
Subject to you meeting wholly the terms and conditions of the policy your application will be authorised or rejected within five working days if all information is attached/uploaded or received.
UCL runs one BACS file a week to pay STL’s. You may review the status of your STL application by logging back into MyFinance. If the status is PAID, this means it will be made the following Tuesday. UCL is unable to make payment to you outside of this BACS run.
Once the salary advance is made, it will be deducted by 10 equal instalments commencing with the salary of the month proceeding that which payment was made.
The deduction will be itemised on your payslip as 'Season Ticket Loan Deduction'.
4. Terms and Conditions
- Application for a loan to purchase an Annual Season Ticket for travel between home and the place of employment may be made via UCL’s I-Expenses module and may only be made by a UCL staff member whose contract of employment or external funding is not due to end before the expiry date of the ticket.
- To be eligible for a loan both full time and part-time staff must have sufficient net pay to cover the monthly deduction of the loan.
- No further Season Ticket loan will be made until the respective season ticket loan has been discharged.
- The loan will normally be recovered from salary payments over a ten month period commencing with the pay period following the date of the advance. For clarification, UCL determine the payment date to be that which it releases the money from its bank account and not when your bank credits your account. This is because some banks can take over a week to credit an account following receipt of the monies.
- Staff will be expected to make arrangements for the purchase of the Season Ticket once the STL advance has been made. In cases where a Season Ticket is no longer required staff are expected to make arrangements to repay the balance on their loan account.
- In the case of termination of employment before the loan has been repaid, the outstanding balance will be recovered from the final salary payment. By applying for the loan, the borrower agrees to repay immediately any amount outstanding after such final salary recovery has been effected.
- In the event of loss of ticket it is the borrower's responsibility to effect replacement or arrange repairs. Recoveries from salary payments will continue unabated until the whole loan has been cleared.
- UCL reserves the right to refuse Season Ticket Loans to individuals at its discretion and the existence of this scheme does not confer any right on any person to loans or advances against salary for other purposes.
- The Season Ticket Loan scheme and any conditions attached thereto may be amended at any time but without prejudicing any agreement already in existence.
- UCL reserves the right to inspect Season Tickets upon request at any time during the year. Where no season ticket can be provided upon such a request, the outstanding loan will be deducted in full from the next available salary.