Bob,
You are quite correct, however:
The FRI must be paid by March. If your current exit date is after March you will not get a FRI. I should have been clearer, but I was assuming that anyone who is receiving a PA offer for the first time is well over a year away from going onto the scheme. Hence no FRI.
As I said before, I believe the uptake of PA offers is extremely low because there seems to be very little tangible benefit to committing open endedly to another 5 years. Make that 7 if you accept the offer 2years before your IPP. No cash up front and potentialy no extra pension benefits until way into the future. If indeed there are any PA pension benefits.
Having said that, I think I'd accept the offer if:
I had some very serious doubts about my employability outside.
I really really loved the RAF and wouldn't consider working for anyone else.
I haven't met many who fall into the latter cattegory. As for the former, I guess the only people accepting PA offers are WSOs. If they're not, are you really retaing the highest calibre of individual? If the training pipeline is closed and no one stays on to fly past their IPP, I can foresee a big pilot shortfall in the next 5 years. Maybe there will be a FRI 4 in about 2015?
Never mind, I'm sure it'll be fine.