Equity belongs to your estate after your death, and will be a permanent obligation of the company (unless it buys back the shares). At best a pension can be par

Equity belongs to your estate after your death, and will be a permanent obligation of the company (unless it buys back the shares). At best a pension can be partially transferred to your spouse after your death, but after the death of both you, and if you elected the option of a reduced pension to have it apply to your spouse, your spouse, the pension disappears entirely from your estate. This makes comparing a pension to equity, or even a 401(k), problematic in respects. A pension is an annuity, and should be calculated as such.