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You’re not missing anything, Virgin still offers a set award chart by class of service with just a peak and a low season adjustment whereas many other airlines have gone to dynamic pricing.
Their award prices can fluctuate a lot based on pricing.
Yes, the taxes are higher with Virgin but the points are reasonable, especially if you can get a transfer bonus.
If you’re flying Upper Class from LHR on the return, be sure to have your cab drop you at the Upper Class wing.
You’ll have a dedicated check-in and can whiz through security screening then head right to the Virgin Clubhouse lounge.
It’s brilliant!