Benefit: Retail Vouchers
Background: Purchasing Retail Vouchers through Flexible Benefits enables you to obtain a discount on the face value of vouchers for a range of retailers. So if you regularly spend money at certain stores this is a great way to save money, be it on your weekly shop, saving up for a special purchase or treating yourself and/or family to a little pampering. Please note that retail vouchers and cards cannot be used for online shopping.
You choose the value of vouchers you require in £10 increments and buy the vouchers at a discounted rate. For example, if you select £100 worth of vouchers at Sainsbury's where the discount applied is 5%, the vouchers will only cost you £95, saving you £5 per month.
You can choose vouchers from as many retailers as you like but there is a minimum monthly order of £100 and an administration charge of £1.50 per month (plus VAT) to cover handling and postage.
If you are already receiving retail vouchers this will continue based on your previous selection.
Flexible Benefits Options:
|Vouchers||Discount||£100 vouchers cost|
|Marks & Spencer||5.5%||94.50|
|John Lewis (Waitrose)||8%||92.00|
|W H Smith||8%||92.00|
Amendments to Benefit: You can only choose or make amendments to your cover if you experience a Life Event.
Tax and NI implications: This is taken from net pay so there are no savings on tax or NI.
Savings: The level of saving is determined by the size of the monthly order and the selection of retailers.
How do I get this benefit? Retail vouchers are posted to your home address around the 15th of each month.