Brian, did they go in 75/76 or was the redundancy then?
IIRC 72/73 had people serving for 3 more years. Very kind not kicking them out on the street - unkind not letting them go if they had a job.
There was a Nimrod Sqn Ldr on 120 who played the game. Took the money, bought a catamaran, and self-taught his children as they cruised around the Med. Once they reached secondary school age he rejoined, couldn't repay his gratuity as a lump sum and got BSA. Win-win.