OT: Cycle to Work Scheme

[jnc90]

Say you were spending £500 and were a normal rate tax payer then buying this interest free from the shop would cost you £41.67 a month.
If you were to buy the same bike through the scheme you would save £100 tax and £60 NI, so it would cost you £340 over the year or £28.33 a month.
(I think)

Thanks for the reply! I understand the 20% saving on tax, how did you figure a £60 saving on NI? Is NI rate for normal rate tax payers 12% then?