Ride to work scheme, can someone explain please!

^ I got email today about the bike i got last year; basically making a 13th payment but as an after tax deduction not before tax as the rental payments were.

Cycle to Work Scheme
Agreement Number **********

I am writing to advise you that the above agreement for the loan of a bicycle and/or equipment has come to an end.

You were paying for this loan by way of a gross deduction from your salary, the last deduction having been made in this months pay on 24th March 2010.

Under the terms of the agreement you are obliged to return the bicycle and any associated equipment. However, we are now pleased to make the following additional option available to you:

You may acquire ownership of the equipment supplied by paying the sum of £73.40 which is considered to be current fair market value. Unless we hear from you by 30th April then we will assume that you have elected to take this option and will deduct this amount from your April pay, so, you need take no further action.

I can order another bike/parts from today too now :)