Parabellum
....this Captain was retiring with 100K lump sum and an annual pension of around 80K. Does this mean that you are now going to have to make do with an annual pension of only 65K?
Those numbers would have been quite credible at the time, but you are at least one step behind in terms of BA pension schemes....
That captain would have been on the defined benefit scheme called APS, which closed to new entrants a long long time ago (? mid 1980s?), there are a relative handful of employees still on that scheme.
The next scheme was NAPS (defined benefit) that closed to new entrants perhaps 15 years ago (?) .a fair few current employees still contributing to that - I guess a few high earners might retire on that scheme on 65k FWIW I know I won't...and
that is the scheme that is now being debated as being up for closure to future contributions......
The current active company schemes are various iterations of BARPS and I'll let somebody else comment on the benefits of those....(Edit: I see whilst I typed bex already has )
(Yes it would have been the Rosebank, but like APS it was a long time ago)...