I thought a lot about this too. Yes, the pension is great, if it is still around by the time we retire.

Even if it's a 5% chance that it goes bankrupt or something breaks, that is basically a 5% risk of death. That is what losing one's source of income at an old age means.

So I consider it neutral. 401k matching is a much safer option in my book. Especially if you aim to max it out.