LFFC
First of all, as PA myself, I have only really looked at my own situation. A quick look at some of the information I have has provided the following however:
AFPS 75 "...... an index linked pension worth 48.5% of representative pay......"
AFPS 05 ".... a pension worth 50% of final salary after 35 years......"
Therefore aircrew Sqn Ldrs, Wg Cdrs etc on AFPS 05 will recieve 50% of their final salary (which INCLUDES FLYING PAY!!) if they retire at 55. While I am not fully aware of Wg Cdrs pay rates I am sure a senior aircrew one earns more than £64,000 when you include flying pay (I have just checked, £64,000 is the basic pay - having trouble finding current Wg Cdr flying pay, but it was over £10,000 in 2003).
But yes, the pension at the top of the PA spine (pilots only get there) is a bloody good deal!! As for incentives for working hard, promotion, etc. First of I think all retention on the PA spine is likely to become very rare, and one will have to be hard working and well above average to achieve it. You can't just drift along and expect to make PA. Secondly a career animal is just that, and will consider the rewards worth going for without being over concerned about pension rates.
Note: The PA pilot pension may be bloody good, but the best pension deal in the country is the one that MPs have - there is a surprise!!
Last edited by Biggus; 9th Jun 2005 at 08:19.