No. of Recommendations: 1
I agree with BGP with the following adjustments

Since the pension will be paid only for the beneficiary(s) lifetime(s) assuming they survive to retirement, I reduce by a probablity factor. Using a Life Expectancy table gives the age 50% survive. Therefore,
multiply BGP's value by .5.

BGP's value is the present value at the commencement of payout. You must reduce this if you are computing the present value for retirement in the future. Just divide the PV at retirement by (1+rate)^(years to retirement)).

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