Why would you?
I had a good bash on the pension calculator today, essentially to see what I'd get at 16/38 vs 44 or PVRing any year in between. There is a bulge of pilots in my peer group and the figures surprised me.
For context, I'm a 35.5 year old Sqn Ldr pilot, on AFPS 75. So my IPP is in 2.5 years, the last 8 months of which and anything thereafter will be on the enforced new pension. I am pretty sure the RAF will have little to offer me beyond 44 so I had all but ruled out staying past then. My work/life balance is levelling off!
-If I leave at 38 I get a reasonable and tempting wedge.
-If I PVR at 39 I lose £1300pa on my immediate pension and £4000 off my lump sum although my max commutation almost mitigates this but I'd also lose a year of flying pay
-Until I'm 42 this remains the case where IP and lump sums are lower than at 16/38 but the max commutation is increasing slightly.
-At 42, I've done 4 years on the new pension which when added to my 16 means the 20 year benefits of the new pension kick-in and everything jumps back above my 16/38 figures. I'm still losing 12 months of flying pay.
-By 43 I'd soak up the last year to get the best deal with my preserved 44 option. But I'd be 44.
My point? If there is a remote chance of dusting off my still valid ATPL (ok, CPL/IR with ATPL credits) in 2.5 years, why would I chose to stay and work for four more years where at any point I want to leave I lose out in addition to the loss of flying pay?
Assuming the pension calculator is at least in the right ball park, I'm off! And I suspect, many of my experienced peers too.
Ray