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@user20714
Does VAT get charged on your monthly payments? If so, then doesn't this effectively negate any benefit of the scheme:
Assume £1k voucher and higher rate tax payer:
Monthly payments = £83.33 (assuming no employer charge)
Monthly Income tax = £(33.33)
Monthly NI = £(1.67)
Net Monthly cost = £48.33
VAT = £13.89
Total monthly cost = £62.22
Total annual cost = £746.67
25% charge to buy bike after 12 months = £250
Total saving over 12 months = £3.33
7% "deposit" if sign Extended Use Scheme = £70
Total saving over 48 months = £183.33
And of course in reality, your employer is going to levy a charge, reducing the savings even more...