Premature Voluntary Resignation (soldiers) or Premature Voluntary Retirement (officers) is an option for any individual who has completed their minimum period of service (usually 3 years).

Before this time, personnel may request early termination, but it is up to the CoC whether or not to support the request, and up to DM(A) whether to grant it or not.

You can only PVR as an Other rank if you are on a Notice Engagement ie entered before Jan 1991. Those on OPEN engagements have to give a year's notice to leave.
No, it's giving notice. Officers are considered to have PVR'd if they voluntarily leave before the age of 50 and suffer a small reduction in their pension.

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