Mungo man! You didn't think I'd post something without knowing the facts. I also didn't say there wasn't two different schemes running either. The latest for your information is deducted before tax and is part of a sacrifice scheme, just like a pension. I know yours isn't.... Some have a deal over 5 yrs after tax and some are only 3 yrs paid before tax. You obviously are the 5 yr deal and paid after tax. Now before your head explodes and phone the office in aberdeen. You can make a claim to the tax people for that. Look into it, you will get a rebate.
I still say its a good deal, if your on the right deal the type only costs 8k. The no bond as you suggest prob isn't practical for the company and the current deal stops guys running of to say...... HK...