I found out today that I've got the promotion I applied for at work, the rise of 11.2% seems a little bitter sweet, as I imagine they've used our annual pay rise which is also due now to reduce the promotion pay rise figure somewhat. But I do get an increase in bonus (17% to 20%) and another £100 a month for my car allowance and more RSUs. Take home wise it's going to make very little difference as I'm going to put any extra into my pension.
What it does do is open up more doors internally, as it's very rare to promote into a new role via an internal move and all of the roles I had considered were a grade above what I was. Also, if I do move externally it gives me more negotiating power due to the job title.