Cycle to work scheme
Last reviewed on 08 July 2019
This scheme is currently closed. It will reopen for applications at the end of May 2020.
If you’re a Co-op colleague, who earns the minimum amount required by the government after any reductions, you can get a loan of up to £1,000 to help save up to 42% on a bike and safety accessories.
The amount you’ll save depends on how much tax and National Insurance you pay. This is a salary sacrifice arrangement. You pay the loan back directly from your salary in 13 instalments over 1 year. The repayments are taken out before income tax and National insurance deductions are applied.
Getting a bike this way saves you money compared with just buying a bike with your take-home salary.
During this time, you are hiring the bike from Co-op, and at the end of the hire period, Co-op will write to you to confirm how ownership of the cycle may be transferred.