If there's no replacement FRI in Apr one of the big factors for me is that by taking PAS I'm effectively signing away the lump sum and pension until at least 43. By my rough figures, that's just over £600 per month pension after tax, also if I were to throw the lump sum at the mortgage i'd save approx £250 (maybe more) on the monthly payment. So if I stay past 38, I'm effectively working the first £850 of my monthly wage for free. Granted I need to get a job paying a similar wage in civvy street but IF the airlines start up again that's a possibility. Am I missing something here?