I personally know of a 2*, a 1* and 2 Grp Capts that have recently retired of their own choice, and I don't move in senior officer circles.
I don't know if the "system" replaced them, but some of our supposed high flyers have seen the way the wind is blowing and elected to leave and make their own way in the world.
That doesn't alter the fact that as a service we are massively "over ranked"!!