Sir M,
As I understand the distressed termination rules even if I retire at at 60 it will be several years before I can be sure my pension will not be cut back if the DT occurs. That being the case, why should I now settle for my 50% of earnings pension which might be cut back when I can stay a few more years and put some more money away to cover the loss. As others have pointed out, this is my last shot. I'm to old to jump over to KAL or any of the other better paying jobs, and any place else I might go will entail a rather large pay cut. I might as well stay here until the bitter end and make what I can.
BTW, I started cleaning up my financial house shortly after DHL bought Airborne, not that I was in bad shape. I don't have a big expensive house, and I own my cars. I don't have any toys to pay for. But I have a pretty good idea what inflation will do to my fixed income retirement even if I manage to get all of it, so I want as much of it as I can get, and I want to make good to the extent I can any loss in it that may occur.
I understand you don't like it, but really don't see that you are entitled to my job. I see no reason why I should take a huge hit for you. You want my job? Fine, work on making sure I get what I worked the last 30 or so years for. I'll be happy to go if my pension is secure. I'll even go early if there is no penalty involved. Otherwise, forget it.