Cycle to Work Benefit Scheme - Pros and Cons of Different Programmes

My two pence worth - I work for a large consulting firm (c. 3,000 people) and have bought two bikes with this scheme. It's a pretty risk averse organisation

Well, I never. :)

so I agree with the "retard" assessment. The scheme we do means I apply for a cheque that is then sent to me payable to a bike shop, which means you can get anything you want.

An astonishing way of doing the scheme if they're risk averse?