Hmm why not just do it though the control panel?
Depending on your OS...
Start / Control Panel
Display
Screen Saver Settings
Tick the 'On Resume, display logon screen' and set the screen saver if you wish.
Under the drop down to select the screen saver is a Wait: minutes. It will be enabled now.
Set the wait time, click apply and close.
I don't think that applies to the logon screensaver.
I've noticed myself with XP; you can change the screensaver using the control panel, but if you log off the screensaver is always the windows logo screensaver. It never bothered me enough to explore how to change it, though. But it's worth exploring, I suppose.
a good guess is the "default" key here-examining HKEY_USERS\.DEFAULT\Control Panel\Desktop reveals the mystery.
the SCRNSAVE.EXE value here is set to "logon.scr"- this is neither the 3d-flowerbox I have set up in one account nor the space thing (or whatever I used) in the second test account.
changing this entry to "ssmyst.scr" (the mystify your mind screensaver) and the screensavetimeout value to another value worked perfectly- when the PC is logged out of any user, it now uses the mystify your mind screensaver with the new timeout.
reading over the OP again, we find that this method is not working! horrors!
but:
It wouldn't matter otherwise, but having more than one user accounts necessitates reentering the password for the desired account as if you weren't even already logged in.
Therefore I mention: the key mentioned only changes the screensaver properties while there is no user logged in- that is, while your sitting at the welcome screen or the logon dialog. When you are logged into a user account (I really have no idea how fast user switching would affect this) then it's screensaver settings are in effect- including password.
Try changing the options using the UI as Azzaboi suggests. (if you don't want a password box, for example, untick "On Resume, password protect".