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

hello... i'm looking for some help as i'm a bit confused about the scheme that everyone keeps telling me i should partake in. how much are people actually saving? I understand the tax benefits etc. but i've had "30% to 50% savings!" bandied about around me, and I don't really understand. does that mean if i buy a bike for £400, i pretty much pay 30-50% off the purchase price, and then buy it back at approx 5% at the end of the scheme? surely not...

i'm pretty bummed out right now as i had both my bikes stolen recently and i don't know if i can be bothered with all the paperwork faffing if there's not a decent saving... i'd rather just head down to the shop and get a newbie there and then!

I took the max £1000. £47.78 is deducted, pre-tax. Post tax I'm not entirely sure but I think this amounts to roughly £37; so 37x12=444 then add the cost of buying from your employer after the lending period ( 5% ?), say £50. Based on that 50.05% saving!

Also, my employer decided to implement the scheme without going through a third party, which meant that I was given a cheque for a grand and told to come back with a receipt (and a bike, of course) - happy days. I think that this is only possible if you're employer is a 'Ltd' company and is willing to put in the time to ensure things are done to the letter. Although, it didn't seem too taxing......sorry