Just an alternative way of considering this instead of break-even period, but if I wanted to forego €277 a week for four years, I could put it on deposit at say 3% to build up a pot of about €61,500, then buy a €3,125 annuity at 5.5% (taking an annuity rate from a recent post here) for €56,818.
In that light, it’s not the worst deal going. But you could do significantly better by investing rather depositing if your plans could tolerate that risk.
If you did build up €61,500 at age 70 though and invested at just a 5% average return (ignoring volatility/sequence of return risk for the purposes of this hypothetical exercise), you could withdraw €260/month or €3125 a year, and still have €59.5k of capital left after 25 years.
(Edit: Oops, double post!)