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C2W scheme works as the money is deducted from your wages by your company every month before any tax or NI deductions are made and that is where the saving is made.
At the end of the year you may have to pay up to 10% as a fee to "buy" the bike from your company. I was made redundant and had a letter through about the final payment so I told them I didn't want the bike and they could collect it in Gdansk as I have moved, two weeks later they said they'll drop the fee and I can keep the bike ;p