Jaba - thanks for the link. It is pretty clear cut.
The size of the Redundancy payment is the issue for me now - as it is for all of us I guess in a similar situation to mine i.e. oldie, passed IPP & on the PAS at a high level.
Of course they could need the experience and accept the higher wage bills....
I still think that staying in to age 55 is still the best financial decision though IF you still have a big mortgage AND are overpaying in these low interest times.
Despite my asking for clarification on this issue, I will not volunteer for redundancy because I still want to be a part of the military - stupid I know - and the primary reason behind not trying to go civvy as a "self-improver"..