So, to be fair, nobody is actually losing out on this pay offer, just certain bits and pieces when compared with the offer that was rejected by 86% of the membership (including me, by the way!).
The loyalty bonus 'profit clause' is currently the existing rule, and always has been, so no change there. I agree it would have been much better to have it in the basic pay as part of the previous offer, but that was rejected.
It would indeed be marvellous to cherry pick the best bits of all proposals but sadly that is seldom/never the case in reality.
What is on offer is 6% on top of your current pay (basic, sector pay and bonus), back-dated to Oct 05, plus another 4% on top of all that in Oct 06.
Further contribution to pension remains a personal issue which is a great shame but, until a change of culture occurs at the top end of the company, it's difficult to see what can be done other than chipping away at the conscience. The best remaining option has to be to increase the pay as much as possible to make the company contribtion worth more in terms of cash rather than percentage.
Sure it's not perfect, or even wonderful, but I personally believe it's worth a 'yes'.