NoD
I think that you're only partly correct in your assertion.
Everyone assumes that raising the maximum age to 65 will result in no retirements for a five year period. This would just not be the case.
I know of many colleagues who can't wait to retire and given that the NRD in most UK airlines is currently 60, the vast majority will want to retire when their pensions mature. I would agree that there may well be a slowing down in career flows, but it certainly won't become static for 5 years.
After 1st October 2006, it will become illegal to even state an NRD in a contract. Pilots will thus be able to retire when they judge that they can afford to do so on the basis of time in their respective pension schemes. That assumes of course that in the future company pension schemes will still be available!!!
Packsonflite