H44,
Would the decision be easier if it wasn't a part time contract, perhaps offer to accept based on this being a full time contract and the £7k charge being a bond instead of a deduction from wages ?
As for 15 years to command perhaps coming to an end, yes 65 bubble is coming to an end we are currently in the process of merging/aligning with European airlines within the group, but with about 350 FO's in Thomson alone at 20-30 commands a year it is still along time. Also I am yet to see a merger that reduced to the time to command or didn't create a pilot surpus and force negotiations for the better.
Other departments within the business have just been given notice of redundancies and we have been asked to remember this in our internal communications and be sensitive. Pilots and cabin crew are not subject to this at present as far as I'm aware. Doesn't mean we could be tomorrow though.
Sounds like you're giving up a lot for relatively little gain ?