Cardiff - Cheltenham Off Peak Return (SVR) has the same validity as under BR days - ie, no time restriction, which was the case with all Savers at that time. So it does not matter what time the train departs from Cheltenham.
The problem is that the
return train departs
University at a time when the SVR from
Cheltenham - University would not be valid, as that particular SVR is heavily restricted to being valid after 0930, which is the case with many other former Savers, which is one of the methods the privatised rail industry used to increase fares exponentially, through the back door.
I can't see how any other saving can be possible, unless the question is actually "
is there a loophole ticket, not intended to be valid, but is in fact valid, which I can use to start/finish short for this journey?" in which case I'll obviously not be answering that, and if the answer was yes and a suggestion provided, there's no guarantees the loophole would still exist by next week as it would probably be spotted and closed!
