It is very difficult to debate with someone who doesn't understand the very logic of how pensions work. No company in the world will pay the NPV of a future pension. Like any other person or institution, they will start making contributions over time to meet the requirements of that pension 20, 30, 50 years from now. To require otherwise is absurd. For example, suppose you are retiring 30 years from now. You cannot assume that you have to calculate the NPV of the required pension in 30 years and then contribute that value today. Like any normal person you will setup a plan to contribute towards a pension that will be available 30 from now, with the required amount. The same happens with any company. In fact, when you hear someone calculating the NPV of pensions that will be paid 20 to 50 years in the future, you most probably are talking to a republican who wants to "prove" that public pensions are insolvent. This is the pattern I've seen.