Is the Cyclescheme worth it?

My employer has now launched our cycle to work programme through www.cyclescheme.co.uk , I was just looking to seek advice from anyone who had used one recently. My experience of it 6 years ago was a good one, it got me into cycling when I would have otherwise not had the funds to purchase a bike and everything I needed to get started.
We can buy bikes and accessories upto £1,000. Great to see that the choice of retailers is much more varied than it was before (Rapha, Wiggle, Ribble etc) and also interesting to see that there are deals through the scheme itself. As an example, "Specialized Allez Elite 2019 Road Bike Blue", retailing at Rutland for £999, available through the scheme at £750 and then you obviously get the additional benefits on top of that.
I currently have one bike, a Canyon Ultimate SL 9.0 (4 years old), I've always been in the market for a second bike, either bad weather bike, or something like a CAAD12 / TCR advanced to replace the Canyon with, those 2 obviously outside the £1k limit.
Options: buy bike like the Specialized (Or Ribble Audax etc) that becomes the bad weather bike, upgrade the Canyon over time (R8000 etc)
Options: use the scheme to maybe buy groupset or just get some new kit (Perfetto and a few other items)
So a few questions really
We can buy bikes and accessories upto £1,000. Great to see that the choice of retailers is much more varied than it was before (Rapha, Wiggle, Ribble etc) and also interesting to see that there are deals through the scheme itself. As an example, "Specialized Allez Elite 2019 Road Bike Blue", retailing at Rutland for £999, available through the scheme at £750 and then you obviously get the additional benefits on top of that.
I currently have one bike, a Canyon Ultimate SL 9.0 (4 years old), I've always been in the market for a second bike, either bad weather bike, or something like a CAAD12 / TCR advanced to replace the Canyon with, those 2 obviously outside the £1k limit.
Options: buy bike like the Specialized (Or Ribble Audax etc) that becomes the bad weather bike, upgrade the Canyon over time (R8000 etc)
Options: use the scheme to maybe buy groupset or just get some new kit (Perfetto and a few other items)
So a few questions really

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Will be doing this in the spring also
Dave
I doubt there's any practical impact, but you don't technically own the bike for at least 12 months, possibly longer. Does anyone have any insight into the effect of this, if any?
If the main benefit is simply the 0% loan I don't see much benefit given how readily available 0% credit cards are.
The main benefit is you don't pay tax and NI on the amount of your package. So in the example I am seeing on the scheme, package price £753, final package cost inc ownership fee = £562.
In this example I would be paying £62.50 per month for 12 months which obviously = £750 but you get tax and NI back so bring home more in you pay packet thus saving you £188. (750-562 = 188).
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Blog: https://supermurphtt2015.wordpress.com/
TCTP: https://supermurph.wordpress.com/
Cycling blog: https://harderfasterlonger.wordpress.com/
Blog: https://supermurphtt2015.wordpress.com/
TCTP: https://supermurph.wordpress.com/
https://www.cyclescheme.co.uk/help/faqs/end-of-hire
In practice this probably means nothing, as I doubt anyone checks or cares. I'm interested to know if there are likely pitfalls of this (changing employer, etc.) . According to cyclescheme themselves, if you want to take full ownership after 12 months the payment you're required to make to HMRC almost eliminates the savings for a standard rate payer.
Yep, That's what happened at the end of my 12 months, the bike was mine and the employer never asked or requested any further money.
I went through cyclescheme twice at my old company, and on both occasions I had to pay the nominal fee to extend the hire agreement for a further 3 years (rather than stump up the lump sum). It made b*gger all difference - depending on the exact dates my previous employer might even still technically own the second one, even though I left over two years ago. This is the first time I have given it any thought.
First time was for an £800 Defy from Edinburgh bicycle co-op. My second bike was a Condor, they allowed me to put £1k from cyclescheme towards it and then pay the rest cash. Condor just wrote a quote for £1k to give to cyclescheme to get the certificate.
You may find it works out a better saving to get a sale bike on 0% finance, many retailers won't do cyclescheme on discounted bikes but will do 0% finance.
Yeah I think having given this some thought I may just look to put any purchase on a 0% card rather than be concerned about paperwork, end of scheme payments and ownership rights etc. Like you say, I think retailers are wise to the fact they can charge extra which would lessen the scheme benefits.
It might make sense if you go through the scheme if they have specific offers on, but having spent the last few days deliberating I’m not sure those bikes are suitable.
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Your also less likely to get a bike on a deal. you may but then you are ensuring the retailer is more likely to make a loss.
I also think buy what you can afford in one hit. If that means you buy a £500 bike instead of £1000 bike so be it. Its meant to encourage commuting and there are plenty of £500 bikes that can do that well.
Schemes like this are a classic example of a well meaning policy implemented without any thought to the full implications to the industry as a whole. Also does it really encourage cycling to work. The juries out on that one.
I save 32% for doing it on the scheme plus an extra 10% off for BC membership and spread across 12 months.
Great idea.
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Blog: https://supermurphtt2015.wordpress.com/
TCTP: https://supermurph.wordpress.com/
-Ordered the voucher through my work's benefits provider on 1st July.
-CycleScheme sent the invoice on to my work on 16th July
-First salary deduction came off my wages on 27th July
-It's now 16th August and I don't have a voucher, let alone a bike!
Tried chasing up HR/payroll but it's impossible to speak to them directly as they hide behind a generic department email account.
We're no small company either... 55,000 employees worldwide with a revenue of $5.394 billion... yet they can't sort out a bloody £950 voucher! I've seen them pay bigger bar tabs at corporate events.
Anyway, if it's not here by August payday then I'm just going to cancel it and ask for my first deduction back.
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FWIW I think the end of scheme payment and ownership stuff is a complete non issue.
But yeah, getting a discounted sale bike on a 0% deal of some sort is likely to give just as good a saving.
Total saving, around £75. Not even close to the 30% suggested
Bought another bike 3 months ago on a 0% C/C. No restriction/commitment to price, bike shop, purchase window, and I'll pay it off quicker.
Wouldn't use it again.
All kit has been brought through the sale and only on things I actually need such as decent winter gear and upgraded components which I’d have ended up buying anyway.
Annoyingly yes evans only lets you use one promotional code at any one time.