Bealezebub I would imagine it is a no brainer to give 'twenty years of service' to Monarch when they had the best pension in the industry and the second best salary when you joined.
Would you still be there if they had offered you an 8% for 8% DC pension when you joined?
I don't think most of us actually WANT to leave, but Monarch have fallen so far behind particularly in terms of remuneration and pensions that to stay for a career would be dooming ourselves to poverty in our retirement and thats saying nothing of the £1000 a month less in the mean time that you can make almost anywhere else for a similar job.
I think these guys are showing loyalty by sticking around to see if things will improve, where any accountant would be telling them they are mad.