This is all fascinating. I think an aspect that hasn't been thought about is how employees are possibly being mislead.
The scheme (unfortunately run through cyclescheme, boo) on my intranet says "The scheme allows staff to take advantage of National Insurance and Income Tax savings (through salary sacrifice), which results in savings of between 33% and 40% on the original purchase price of a cycle" and it has examples of bikes, with a £845 bike specifically saying it has a fair market value of £24.
My bike was £799, and if at the end of the scheme I was lumped with a FMV payment of £400, I feel that I would have some comeback on being mis-sold the scheme due to the heavy implication of a nominal FMV.
Even the cyclescheme website only says "Please note :A Fair Market Value payment
may be payable upon cessation of the agreement or at the end of the lease period" (my bold)
There's also
NHSBikes which states "The loan period is 12 months and at the end of it the employee is offered the option of either buying or returning the bicycle for a nominal payment (typically 10% of the value)"
Now from what has been said above, this is not true, but as an employee you surely have some recourse if you have been mislead about the terms.