I too have done some calculator bashing and as a second year captain I reckon I am about 3.9% better off. Based on 450 sectors/year (that's what I did last year) and using an online tax calculator my calcs are as follows:
'Old Deal':
Loyalty bonus based on 5% of basic @ £66937 = £3347x0.6 (40% tax) = £2008 net
Annual Net Salary:
Sector Pay: 450x£21.44x0.78 (effective tax rate) = £7525
Total = £54167 after tax
'New Deal':
Annual Net Salary: £51845
Sector Pay: 450x£7.80 = £3510
Performance Bonus (same rates as senior management - say on target 2%): 1583x0.6 (40% tax) = £950
Total = £56305 after tax
Overall I think it is a reasonable if not stunning deal. I personally really like the incremental pay aspect.
Edit to answer Captain Prop: According to the joint declaration between management and BALPA, it says there is an absolute minimum guarantee of 2.5% in the second year if the company does not reach its targets.
Last edited by Norman Stanley Fletcher; 10th February 2006 at 23:17.