Originally Posted by
WingsofRoffa
Thank you! And how does the 69k "L3 security bond payment" work? As it's a bond, is it paid back to you over X years?
It's complicated but I'll try and explain as far as I understand it.
Scenario A:
If you get a job with an airline directly (eg, Ryanair, Jet2) without being "placed" via the L3 holdpool, then the airline probably won't take on your bond. The 69k will never been seen again and you will join airline X on whatever terms they offer.
Scenario B:
If you join one of L3's partner airlines (eg, Easyjet) then the bond will be transferred to that airline. It is then normally "repaid" to you in the form of a tax advantage over 7 years. For example, if the normal cadet starting salary is 40k, you will be paid 28k + 12k tax free bond repayment. So
you do not gain a net 12k, you gain whatever tax saving you make as a result (~4k with standard UK tax). This is of course dependent on continued employment with your first airline and the arrangement continuing to be ok with the tax authorities. It does not apply for all L3 cadets. For example,
AFAIK Easyjet cadets based abroad do not get this, they are paid the full cadet salary instead with no bond repayment.
The only example I'm aware of where the 12k is repaid fully on top of salary was the old BA FPP scheme, but this no longer exists.
In summary, you will not be earn back a net gain of 69k but you
might get some (substantial) tax savings. That isn't what I'd call "repayment" but L3 continue to call it that. As I say, I'm not 100% sure of the current state of play maybe someone else can add more.