CycleScheme deductions

canoas
canoas Posts: 307
in Road buying advice
Hi all, I went through my companies Cycle Scheme quote and entered the amount £91.58 per month and my net pay reductions worked out to be £83.90! Maybe I'm really stupid and haven't read enough, but that reduction is only about 9%! I thought with Cycle Scheme you can save between 25-39%........................what am I missing here?

Comments

  • pangolin
    pangolin Posts: 6,660
    Are you a basic rate tax payer?
    - Genesis Croix de Fer
    - Dolan Tuono
  • canoas
    canoas Posts: 307
    I'm on the higher rate 40%
  • canoas
    canoas Posts: 307
    silly me I have worked it out! It's a silly system thing at work........looks like I can't delete the post.
  • chaymck
    chaymck Posts: 157
    Did you select to own after 4 years? If you select to own after one year this decreases the savings. In my case it was app 25% vs 8% saving.

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