By Rebecca Tipton, HR Benefits Team
Registration for the 2019 Bike Scheme is now open and you’ve got until Friday 5 July to take part.
Our partnership with Halfords offers 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.
There are some great bikes available and Halfords can usually find the bike you want. You can register now to get fitter, help reduce CO2 emissions and save yourself some money.
To find out more and apply visit www.salary-extras.co.uk and register using the following login details**:
- Company Username: CoopGroup
- Company Password: BikeScheme
You’ll be asked to fill in your personal details and create an account.***
See here for which button you need to click to register.
Phil Spencer registered last year and told me how it’s helped him out:
I think the Bike Scheme’s brilliant because I didn’t have to find the cash up-front. I got a much better bike than I’d normally be able to afford and spread the cost over 12 months deducted from my salary, so I’ve not really missed the money and I’ve saved on tax too. I also used the voucher to buy the equipment I needed.
I feel fitter and my journey to work is quicker and I don’t have to put up with public transport, or the ever increasing traffic. I just completed a quick on-line form – dead easy.
Important things to consider before you apply
Bike Scheme savings come through ‘salary sacrifice’, which means that you agree to give up part of your salary in exchange for a non-cash benefit. In this case it’s the loan of a bike and safety accessories.
It’s important to know that ‘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, mainly to cycle all, or part of, the journey to work.
Don’t worry, we’ve included a 10-day cancellation if you change your mind. But after this we pay Halfords for your bike upfront and this amount will start to be deducted from your salary. So please only apply if you’re sure you want to be part of the scheme.
If you leave the business for any reason, including TUPE transfers to another employer, you are required to re-pay your loan in full when you leave. You won’t be able to benefit from these savings on the outstanding balance.
* Actual savings depend on the rate of income tax you pay.
** May only be accessible on personal devices.
*** If you can’t access the website, or you need help registering, please call the helpline on 0330 100 2313, 8.00am to 6.00pm Monday to Friday.