Does your investment plan include an annuity? If it does then the math Fuzz posted shows that the pension compares well to an annuity. Depending on how you account for the poorly funded nature of the pension...
How about if you compare it to stocks?
First let's look at how much the pension would be worth in 2020 dollars.
If there is 0% annual inflation between now and 2044 then it'd be worth the entire $12,750.24.
If there is 3% annual inflation then in 2020 dollars then it is worth $6,272.27
If there is 6% annual inflation then in 2020 dollars then it is worth $3,149.04
3% is a reasonable amount to use based on historical data. So what would stocks do?
If you get a 4% annual return above inflation between now and 2044 then the $40,250 would be worth $103,172.99. Using the 4% "rule" this would provide $4,126.99 per year.
If you get a 7% annual return above inflation between now and 2044 then the $40,250 would be worth $204,162.77. Using the 4% "rule" this would provide $8,166.51 per year.
If you get a 10% annual return above inflation between now and 2044 then the $40,250 would be worth $396,451.74. Using the 4% "rule" this would provide $15,858.07 per year.
Historically 4% above inflation is a reasonable return rate. So if we compare that to the pension with the reasonable inflation of 3% we have $6,272.27 for pensions vs $8,166.51 for stocks.
Honestly that's not a huge difference. I'd think about what you feel more comfortable with and how you'd evaluate the risk of the lack of funding in the pension.