Fat Albert,
Yes, that is the size of it. You get your flying pay too, although it may have changed now.
For Home Commitment your pay per rank is reduced by 15% but made up by your pension. You also start to build up a new pension pot, and gratuity too.
The FTRS can be for a fix term and job, say 6 months at CHQ or 2.5 yrs at an ATC etc or until age 60.
Now I believe the TOS are more akin to civil service than military so even the upper limit may now be flexible.
It could be a good career move if you want permanency in one location, have your own house, and just want a no-hassle job as a second career.