I have a PVR question. With a few (but not many) years to run to my 38 point, I see plenty of people recommending that I jump early. The line that's been trotted out here several times before is that "a few extra years' seniority with an airline is worth more than hanging around for the pension."
I can't get that to add up, though. Let's take a Flt Lt not far off my situation. Leaving by PVR at 34, he'll get about a £4k pension at 60 rising to about £9k at 65, with lump sums around £12k and £15k. That's from memory last time I played with the pension calculator at work, mind you.
Staying in until 38 and going for max commutation means he leaves with an immediate £10.5k pension, a £70k lump sum, and a £13.5k pension from 55.
If I quickly add it all up, it means leaving 4 years early loses you £300k in pension rights. Can you really make that up with 4 years' seniority at an airline with the Ts&Cs a new joiner is likely to be given? Are you really markedly less employable at 38 than 34?
Edit: I appreciate that you have to take quality of life etc into account, but I've not yet had my spirit crushed and reckon I could manage a few more years. I might prefer to do something else, but not if it results in an incredible financial hit.