Registration for the 2018 Bike Scheme is now open and you’ve got until Friday 6 July to take part.
The bike scheme, in partnership with Halfords, offers Co-op colleagues a wide selection of bikes – with savings of up to 42%* on the cost of a bike, and safety accessories, for cycling to work.
To find out more and apply, visit the our benefits website.
If you want to apply for the Bike Scheme and haven’t registered on the Benefits site before, have your employee number and National Insurance number handy. If you need help registering on the site or don’t have online access, call the helpline on 0330 100 2313, 8am – 6pm Monday to Friday. They’ll be happy to help.
How you save money
Bike Scheme savings come through ‘salary sacrifice’, which means you agree to give up part of your salary in exchange for a non-cash benefit – in this case the loan of a bike and safety accessories.
Please remember that a ‘salary sacrifice’ means a contractual change to your terms and conditions of employment. You make the savings by not having to pay tax or National Insurance contributions on the salary you sacrifice. In return the bike must be used by you, predominantly to cycle all, or part, of the journey to work. When you apply we’ll check to make sure that your salary sacrifice doesn’t take your rate of pay below the minimum level defined by the Government. If it does, we won’t be able to process your application as a salary sacrifice. You will still have the option to join the scheme, but will need to contact the Bike Scheme helpline for details on 0330 100 2313.
Colleagues leaving the business for any reason, are required to re-pay their loan in full when they leave and won’t be able to benefit from these savings on the outstanding balance.
There are some great bikes available so register now to get fitter, help reduce CO2 emissions and save yourself some money.
Don’t forget, FAQ’s and other information can be found on the Benefits website (www.coop.co.uk/benefits) and there is a Bike Scheme helpline (0330 100 2313) available for your questions/queries.
* actual savings depend on the rate of income tax you pay.