Transport Loan
We will lend you the cost of your travel card and save up to 1/3 of the cost of your travel each month.
What is it?
The Trust will fund the purchase of a Season Ticket (up to a maximum value of £2,500) by way of an interest-free loan.
The Trust will make a payment for the season ticket directly to the employee via payroll. This will not affect your PAYE payments. There are no tax benefits to the loan.
Under this agreement, the season ticket does not become your property until it has been paid in full.
How it works...
- You receive the loan through payroll and repay it in 12 equal monthly instalments from your net salary (after tax and National Insurance).
- Payroll will begin deductions once a photocopy of the ticket and a receipt are received.
- Repayments cannot extend beyond the life of the season ticket or your contract of employment.
- If you leave the Trust before the loan is fully repaid, the outstanding balance will be recovered from your final salary. If this is not enough, you will be required to make a settlement payment.
- Any suspected abuse (e.g. someone else using your ticket) will be investigated under the Disciplinary Policy and Procedure.
- The season ticket will not renew automatically after 12 months; you must reapply.
FAQs
Who is eligible?
- You must be a salaried employee.
- Your contract of employment must exceed the expiry date of the season ticket (minimum of 12 months)
- Your net monthly pay must be sufficient to cover the loan deduction.
- The Trust will assess each application individually and may delay or refuse an application.
How to apply
- Complete the Season Ticket Loan Application Form.
- Send it to your School Business Lead/Manager in good time before the monthly payroll deadline (25th of each month).
- The Headteacher will confirm eligibility and approve the request.
- The Business Lead will validate the request and send it to Payroll.
- Payroll will arrange for monthly deductions to begin and issue payment to you.
Important Information
- You must provide a photocopy of the season ticket and a receipt; failure to do so will result in the full loan being deducted from your account.
- The Trust will not be responsible for the replacement or loss of the ticket, or for fines incurred if used in an unauthorised zone.
- The ticket remains the property of the Trust until fully paid.
- The repayment scheme is for 12 months only and must be renewed manually.
