However if the RPI is actually worse than -2.8%, which
ALL forecasts are predicting (the forecast produced by BoE shown on this site was produced in Dec 08 and is already out of date .. see the Chancellors forecast from the budget of -3.0%) , then we have an underpin of 2% pay increase. I'd rather go for the underpin which guarantees me at least 2% pay increase than have it open ended and possibly get nothing. There is more chance of the underpin kicking in than the cap.
At the end of the day, the offer will either satisfy people or it won't. The most sensible comments on here recently refer to apathy. If you are ok with the offer, then vote yes, if not, then vote no, but whatever you do VOTE!
Not voting sends the signal to management that we don't actually care what they do and it weakens any negotiating power the unions have. If you don't vote then you will always get exactly what you deserve. At the end of the day, the union will act on the result of the ballot, so make your vote count!