"Good Morning Jet Jockey:"
And the same to you sir!
"With regards to your above mentioned statement maximum pension benefits are reached after accruing thirty five years of contribution to the pension plan which is has a provision for your best five years to accrue maximum M.P.U.
What would have to be considered is pay pension payments past thirty five years. Is this a contractual item? I would believe that it is and I am sure those who are more in tune with the contract and actuarial tables should comment on this."
I'm sure something could be worked out to include an extra 5 years of contribution in the next negociations.
"The debate on "status pay" and "formula pay" will go on for ever as each side has it's benefits.
Some airlines that use status pay has senior people doing day time turn a round on an A-320 while the younger people are on super long haul heavy aircraft. As a personal observation the long haul kicks the crap out of you and on a personal observation seeing some of my contemporaries still in the system they look much older than their chronological age. Nevertheless, with some with the use of hair dye and Grecian grey but I digress.........
Formula pay gives weight (no pun intended) to the heavier aircraft which in your last five years as Captain to bulk up on your pension contributions so your pension pay out is higher."
I will agree with you on this. Both systems have their pros and cons and I'm sure it will always be a subject of debate in the airline world. Fortunately I left the airline world in 1991 and I have been very happy in the corporate world.
The difference between the two are; the airline world gets paid to fly aircrafts (many hours per year) and the corporate world gets paid to wait (many hours per year).
"The only comment I will make on pension is this it is your second most important pay cheque for the rest of your life."
I like that comment and how true it is!