To K1RB5
Mate,
If you opt for the new pension and then become redundant in the existing program, you will have the right to revert to the old scheme upon exit, thus getting an immediate pension if you had completed the standard 22 yrs.
Interestingly, discussions are happening now in the Pay and Pensions Policy dept, about how redundancies beyond the existing program will effect personnel who accepted the new pension in Apr 06. As an FE you are right to be concerned that you might be royally shafted in the future when you are no longer required to fly.
Its my own belief that anyone who accepts the new pension who is signed on to age 55 at the time of transfer will be protected. Giving individuals the right to revert now, while a known redundancy scheme is in operation, sets the precedent for any unknown future scheme to do the same.