Cycle to work scheme
Last reviewed on 28 May 2020
Registration for the 2020 Bike Scheme closed on 3 July
Our 2020 partnership with Halfords, which included Cycle Republic and tredz and some independent bike shops used by Halfords, offered a wide selection of bikes with savings of up to 42%* on the cost of a bike and safety accessories, for cycling to work.
A 10-day cancellation if you change your mind was included, but after this Co-op pay Halfords for your bike upfront and this amount will start to be deducted from your salary.
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. Salary sacrifice reduces your pay and if doing so would mean that your pay is less than the National Living Wage, then you won’t be able to participate in salary sacrifice and we’ll deduct the amount of your repayments from your net pay.
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.
Full communication will be issued when the next scheme opens.
- Actual savings depend on the rate of income tax you pay.