By Rebecca Tipton, HR Benefits Team
Registration for the 2020 Bike Scheme is now open and you’ve got until 3 July to take part.
We know that many of you are keen to make the most of this scheme in light of the coronavirus situation and the Government advice given about public transport and we’ve worked to get the scheme available for you all as quickly as possible.
Our partnership with Halfords, which includes Cycle Republic and tredz, offers a wide selection of bikes, with savings of up to 42%* on the cost of a bike and safety accessories, for cycling to work. You can choose a bike and accessories up to £1,000 in value.
There are some great bikes available and Halfords can usually find the bike you want – although be aware that demand is high at the moment.
You’ll then need to apply to join the scheme by visiting www.salary-extras.co.uk – if this is the first time you’ve done this, you’ll need to login 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 – if you have any problems you can call the salary extras helpline on 0330 100 2313, 8am – 6pm Monday to Friday. As soon as your application is approved you’ll be emailed a Letter of Collection and can order your bike.
Timings and important things to consider before you apply
- It may take at least a week after applying before you hear your application to join the scheme has been accepted, as each application needs to be agreed by Payroll to make sure you can sacrifice the amount you have applied for from your pay
- 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
- 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 hire 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
- 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.