The retraining issue is relatively straightforward, and depends on the hours you have and the types you have flown. Assuming you have enough hours, you will be required to obtain an ATPL including an IR and type rating. The exams you need to obtain the ATPL vary depending on your experience, as I suggested in my first post. An IR and type rating may be available on your Service type, if it is represented on the current civil register, otherwise you will need to achieve these on an aeroplane such as a Seneca to validate the licence. Your commercial type rating will normally be provided by your employer, though with some airlines there may be a cost involved.
WG, we probably will have to agree to disagree, but I'd love to know how many ex-mil pilots you think will enter the market this year versus the number of airline posts available. I estimate that the military represent no more than 25% of recruits into the airlines now - and the proportion will decrease as the market opens up. Those pilots who left the military years ago are not in competition with wannabes trying to get jobs now, so the proportion of ex-mil in any airline from years gone by is irrelevant (though it is less than you suggest, in any case - even in Britannia).
Scroggs