My former spouse's former employer is a bank. The money is at Fidelity, and I am told the pension is quite well funded. There will be no adjustments, however. It is what it is.
I am less concerned about my kids, who are all professionals and are employed, than I am about my husband, who is four years younger than I am and who is no longer working. Actually, he does work - on our property, remodeling, gardening, splitting wood etc. I would be retiring regardless of this pension money; it's just the cherry on the top. We are quite frugal. When I unexpectedly became a single mom of three at age 42, in 1998, the only job I was able to get paid $32,000. We weren't rich by any means, but we did okay - despite the sporadic appearance of the $100 child support/alimony my ex was required to pay. My current husband can squeeze a penny until Lincoln screams. He is a talented carpenter, gardener, plumber, etc. He changes the oil and transmission fluid in our vehicles. We eat a vegetarian diet = inexpensive. No worries there.
My mom died of cancer at age 50. My father received the paltry "death benefit" from the SSA. My sister was 17 at the time. She received no check for that February because our mom was alive for six days in February. She received a check for March and April, but none for May, because she turned 18 on May 26. And that was it. I have made my decision and it seems like the best decision to me under these particular circumstances. If anything happens to me, the money is lost. It's the "bird in the hand" theory.