adamheppenstall wrote:Hey can anyone help me out, i cant log into that my bundle website. im signed up for the royal mail benefit one however but no way of logging into the next one to actually look at the cycle2work scheme. is there anyway around this?
Today I have logged in to "My Bundle" website. I had a letter from RMG dated October 2015 stating username was pay number & giving me a password. I have paid my final installment for the cycleplus scheme this week - I understood I would need to pay £35.00 release fee to keep the bike, but on further reading it appears I will have to pay back 21% of the market value to HMRC. (as someone already pointed out a saving of approx £75 on a£1,000 bike)
The halfords scheme (cycle2work) is 16% under £500.
Help
If you are having problems logging in, contact the My Bundle helpline through Royal Mail HR Services. Phone 0345 60 60 603 or +44 114 241 8890 if you are calling from outside the United Kingdom. The helpline is open Monday to Friday, 8:30am to 5pm (Tuesday from 9am), not including bank holidays.
My Bundle is available for permanent employees of Royal Mail Group only.
I have copied & pasted the following; (THE OTHER SCHEME is CyclePlus)
cycle2work faqs
What is the scheme?
How does it work?
Can I choose any bike?
Can I include cycling accessories and safety equipment in my letter of collection?
What happens if I no longer require the Letter of Collection?
What if I don’t use the Letter of Collection, can I return it and not be charged?
How many times a week do I have to use my bike for work?
Will my pension & other State Benefits be affected?
I'd like to join what do I have to do?
When will the reductions be shown in my pay?
What happens if the bike gets stolen before the end of the agreement?
Do I need to maintain the bike myself?
What happens if I go on unpaid leave?
What happens if I leave my job before I've finished paying for my bike?
Will cycle2work affect my Tax credits?
What are the benefits of participating in the scheme?
Who is eligible?
What value of bike can I choose?
Can I use the scheme to get a bike for a family member, partner or friend?
Can I apply for more than one bike?
Is the bike mine straight away?
What happens if I do not want to keep the bike at the end of the agreement?
What is a salary sacrifice arrangement and how are the savings made?
What happens at the end of the Hire Agreement?
What is the scheme?
cycle2work is a government approved scheme that allows you to hire a bike and safety equipment from Royal Mail for the purpose of commuting to and from work and for use at weekends and evenings. You can order your bike from any participating local retailer. The bike you hire will be provided at up to 32%* less than the usual cost you would pay which can result in savings of up to £320*.
*savings based on a lower rate tax payer taking a £1000 Letter of Collection for cycle2work Halfords stores.
cycle2work Halfords stores
Value of LoC (Letter of Collection) £100 £400 £500 £700 £1,000
Impact on Net Pay over 18 months (with finance added) £66.89 £267.56 £334.45 £468.22 £668.89
Plus £1* Transfer Fee £67.89 £268.56 £335.45 £469.22 £669.89
Total Saving £32.11 £131.44 £164.55 £230.78 £330.11
Saving Percentage 32% 32% 32% 32% 32%
*If Royal Mail Group Ltd decide to transfer ownership to employees after the 18 month hire period, a sum of £1 will be taken from your net salary to transfer the goods from the hirer to the employee. Then Fair Market Value of the goods as set out by HMRC will be calculated and the value will be added to your P11D whereby your tax code will be slightly adjusted to accommodate the taxes due. Please see P11D's explained for further information
How does it work?
You can choose a bike up to the value of £1000 from a list of local bike retailers provided to you. The value is spread across a period of 18 months depending on how your company's scheme has been set up. This is commonly known as a salary sacrifice or salary exchange scheme. You agree with Royal Mail that each month or week your gross salary will be reduced by the relevant payment in return for the use of the bike and safety equipment you use for commuting. This element of salary will not have Tax or National Insurance applied to it, making this a Tax free benefit.
Can I choose any bike?
As long as the store you choose to visit either stocks or can order the bike you want then you are not limited to any particular make or model, therefore you can choose the best bike that suits your needs and budget.
Can I include cycling accessories and safety equipment in my letter of collection?
Only safety equipment can be included in your letter of collection. Examples of items that count as cyclists’ safety equipment include:
Cycle helmets
Bells, bulb horns and lights including dynamo packs
Child safety seats
Reflective clothing along with white front reflectors and spoke reflectors
Examples of items that do not count as cyclists’ safety equipment include:
Cycle computer
Waterproof clothing that is not reflective clothing
Cycle training
What happens if I no longer require the Letter of Collection?
You cannot return your Letter of Collection. The hire agreement you agree to and sign is legally binding and therefore non cancellable.
What if I don’t use the Letter of Collection, can I return it and not be charged?
As above, you cannot return your Letter of Collection. The hire agreement you agree to and sign is legally binding and therefore non cancellable.
How many times a week do I have to use my bike for work?
The bike hired through the scheme is provided on the basis that the main use is for journeys between home and work. However, there is no requirement for you to specify what days/months of the year you will do this or record trips. N.B. you may also use your bike for leisure and weekends and whilst you are on holiday.
Will my pension & other State Benefits be affected?
Pension schemes will continue to calculate your pension contributions on your original gross salary. If you are unsure please check with your Royal Mail Limited. Effects on the S2P (formerly SERPS) are likely to be negligible (please refer to your company policy if you require further advice). Other benefits such as statutory sick pay and job seekers allowance are again unlikely to be affected.
I'd like to join what do I have to do?
Firstly find your Halfords store. You then visit the shop and choose your ideal package. To apply for your required Letter of Collection value, simply call 01908 303538 or log on to your company specific website and choose cycle2work - the details of which will be communicated to you by Royal Mail. Once Royal Mail has received your application and you have been approved, a letter detailing your requested value will be sent to your home address. You then take this along to your local store to collect your bike and safety equipment. Do not redeem the voucher until you pick up the bike from the store. The Letter of collection should not be used as a deposit.
When will the adjustment be shown in my pay?
Your adjustment will be shown on your next available pay period (depending on your pay frequency) after you have been issued with your letter of collection.
What happens if the bike gets stolen/accidentally damaged before the end of the agreement?
It is important that you make suitable provision to safeguard the bike. You may take a specialist policy but it is often easier to add the bike to your usual household policy. If the bike is stolen Royal Mail will continue to reduce the monthly value from your salary until the end of the agreement.
Do I need to maintain the bike myself?
You are responsible for maintaining the bike for your own use. Your local shop will be able to advise you about the necessary servicing depending on how you use your bike.
What happens if I go on unpaid leave?
During approved unpaid leave such as extended Maternity leave or a career break the hire agreement is likely to be suspended by Royal Mail until you return to work and your reduced pay resumes.
What happens if I leave my job before I've finished paying for my bike?
Under the terms of the hire agreement you will agree to settle all outstanding monies before you leave. The outstanding balance will be deducted from your final net salary payment.
Will cycle2work affect my Tax credits?
Most staff will benefit from joining the scheme. Current advice suggests that bike schemes are unlikely to affect Child Tax Credits. If you are in receipt of Working Tax Credits due to a lower household income then this may cancel out any benefit you gain from the scheme. As everybody's circumstances are different we recommend you contact the Inland Revenue on 0845 300 3900 if you are unsure.
What are the benefits of participating in the scheme?
You can save up to 32%* in Tax and National Insurance.
The payment will be taken on a weekly or monthly basis depending on your pay frequency.
You can choose from any make or model available from a range of local bike shops.
You can improve your health and fitness along with reducing your carbon footprint.
*savings based on a lower rate tax payer taking a £1000 Letter of Collection for cycle2work Halfords stores.
Who is eligible?
cycle2work is governed by the Department for Transport. In order to receive the Tax benefits resulting from a salary sacrifice arrangement you will need to be a UK taxpayer, who can benefit from the Tax efficiencies of the scheme.
What value of bike can I choose?
You can choose to take between £100 and £1000. When deciding on a bike value it's important to consider carefully the amount you can afford and the type of bike that best suits your needs. Once you have chosen your value, completed the hire agreement and received your Letter of Collection you will not be able to increase or decrease the amount you have chosen.
Can I use the scheme to get a bike for a family member, partner or friend?
No - the bike must be used by you and mainly for the purpose of commuting to work. However the bike can be used in leisure time so you may use the bike in your free time to cycle with friends and family.
Can I apply for more than one bike?
No. You can however apply for the scheme again once your current agreement finishes.
Is the bike mine straight away?
The bike and goods remain the property of Royal Mail or its finance company for the duration of the agreement. At the end of the hire period you may be given the opportunity to take ownership of the bike as explained further in "What happens at the end of the hire agreement?"
What is a salary sacrifice arrangement and how are the savings made?
Salary Sacrifice or Salary Exchange basically means you have agreed with Royal Mail to exchange a proportion of your salary in return for some form of non cash benefit, in this case the hire of a bike.
What happens at the end of the hire agreement?
If Royal Mail Group Ltd decide to transfer the ownership to employees after the 18 month hire period, a sum of £1 will be taken from your net salary to transfer the goods from the hirer to the employee. Then Fair Market Value of the goods as set out below by HMRC will be calculated and the value will be added to your P11D whereby your tax code will be slightly adjusted to accommodate the taxes due.
Transfer of Ownership - Example based on £450 purchase price:
If you have purchased a bike for £450 you would have 18 monthly salary deductions.
Under HMRC guidance the fair market value of the bike after 18 months will be £72 (16% of the original value).
P11D explained – P11Ds are used to report benefits provided to employees by Royal Mail that are not put through the payroll. The fair market value of the bicycle and equipment is calculated as per the table below.
Age of cycle
HMRC Fair Market Value
Original price up to £499.99
Original price £500+
18 months
16% of the original purchase price
21% of the original purchase price