Peanut pensions in a continuously year on year record profit making company. In 80's a proper pension plan was 25% of salary. You put in 1/3 and the company 2/3. If the pot was over full the company could reduce its contributions, but you kept 1/3rd going. Every year there was an actuarial audit by a neutral company and the fund trustees, including pilots. It worked great and I am enjoying the fruits. A few years ago there were discussions in the financial papers about how little % people saved for retirement and how late too many started. The alarm factor now is how low annuities rates are. (in 80's they could be 15%, now 6% is max). It was still considered that 25% salary contribution was a minimum to achieve a realistic salary/pension ratio. So just consider how underfunded £1000/m is. But then again, we hear that the salary is 1/2 income and the rest is 'allowances'. So perhaps the premiums are a good enough % of salary, but not of income. Have you been conned? Even more so with having to stop flying at 65, but government pensions now coming in at 67 and rising. A pathetic pension fund is better than nothing, but it's still pathetic.