If you are PA and PVR you will receive Early Departure Pay (EDP) rather then immediate pension. Your lump sum will be less but not by a great ammount. Your pension (payable from 55th birthday) will be quite a bit less at age 55 (-10k ish) but you will get a second lump sum at age 65 that you would not get if you 'time serve'. Assuming you live beyond 65 it is my understanding that overall you will not be financialy disadvantaged. The rule of thumb is: If you intend to carry on working, then PVR works. If you want to retire outright, then bite the bullet and do the time and in doing so get the maximum lump sum and maximum pension for the word go. Either way; Good Luck, there will be many others following once the Redundancy details are released.