UNION JACK wrote:All Royal mail benefits are a con they are just making money out of us,bikes,electronics,finance and cars you can get a better deal on your own if you look around as i did with Fiat. Royal mail said you get so much off for working for Royal Mail and i got the same deal and more without even mentioning Royal mail,an absolute disgrace the way they cheat and lie to their employees to make money ,but i wouldn't expect anything less.
I would seriously recommend the C2W scheme as a fantastic way of saving money, unlike other MyBundle benefits the benefit in kind is calculated as either 16% (up to £500 voucher) or 21% of the original voucher value, so on a £1000 voucher the benefit declared to HMRC is circa £210 against which you will pay tax of just £42... As a base rate tax payer that £1000 will cost you approx £680 net if tax / NI through payroll meaning all told you get a £1000 bike for £722.
Additionally, you're committing to a voucher which can be used as a great range of independent bike retailers and can be put towards anything.
So, see a bike you like at an already discounted price (eg 30% off), arrange the voucher and pay the retailer with that. You really couldn't buy a bike any cheaper (unless the retailer isn't in the cycle scheme).