Those that I know off did exactly that, they were approaching LTA some years ago and took the money. That amount invested since will have made a good return, a few months hit will not, or should not, have taken them below that initial amount. I know of several IFAs that cashed out pensions recently when things started to go wrong and that has proven to be the correct call., they are now waiting the right moment to go back in to the markets again - fortune teller territory! Again a good IFA will keep you right on tax implications, I am sure there are lots of people within the industry, particularly those newer members of staff who probably see this in a different light. I don't know what the industry accepted pension standard is these days, I'm guessing anything above 7% and 7% would be seen as generous?
However, we have digressed from redundancies into financial talk! Apologies for that!
How long before NATS show their hand and announce a "business review"?