The LTA issue applies to more mere mortals too, and to all pension savings don't forget. But the essence of what you're saying is right. Taking it further raises the following issues.
If you're leaving as a more youthful Sqn Leader or Wing Commander and embarking on 20 or so more years in the 'real world', it's still something to be aware of. Currently, typically, a Sqn Leader might have used up 60% or so of his/her LTA - if you then factor in, the 'pure' addition of a few hundred thousand via an airline pension scheme until aged 60, you're there or thereabouts.
If the g'ment then further reduces the LTA to £1,000,000 in the next Parliament (I don't think it will, it'll be more likely to harmonise rate tax at a flat 30-35%), then retired Sqn Leaders and certainly, Wing Commanders on a normal pay branch, will need to look at the pros and cons of fixed and transitional protection.
If I were a senior officer interviewing for a new position and negotiating terms, it's certainly a contingency I'd be discussing. Namely, 'actions on' in the event of an LTA breach or imminent breach.