My father started with British European Airways at Northolt in 1949.
He left British Airways during the severance scheme of 1982.
At age 96, and still going strong, he has received more from his BA pension than he ever made working.
I joined British Airways European Division in 1977, and also left on the severance scheme in 1981. I took my pension monies with me to America, where I started with a newly formed airline.
I've been with that airline now for over 29 years.
My company is not typical, but this is what we get in comparison.
There is a traditional pension plan, called an 'A fund'.
After 30 years of service and age 60 with no survivor benefits you would get $4200 per year of service ($126,600 a year).
Whilst there are never any guarantees in life. The fund is about as secure as any fund could be.
There is also a defined benefits contribution plan, called a 'B fund', that is 12% of your salary placed into an account with your name on it. You can invest it anyway you see fit. The government limits the yearly contributions to $42,000 a year, but after 30 years it turns into a small fortune. This money can be passed on to your heirs, often with no tax implications.
There is also a plan called a 401K, where the employee contributes up to $24,000 a year before taxes. Again it grows over time, and apart from a minimum distribution at age 70. It too passes into your estate.
We also get to buy company stock at a discount. The dividend rate reinvested will grow to a sizable amount.
Of all the type of pensions we have, the B fund and the 401K are my favorite. This is money you can see, manage and watch grow. You not relying on a promissory note. You take your Bears along with your Bulls, and you run with it.
One area that I find America far more advanced in is investing. Now some smart arse is going to mention all the Ponzi scheme artists like Bernie Madoff, but I find that US investment houses like Fidelity and Vanguard have been the perfect partners for me.
I find too many people in England that have their whole nest egg in property's or classic vehicles.
If you find yourself with a lump sum from BA. Consider something like Fidelity. If you don't know squat about investing. Think about their 'financial engines' program.