Pfizer's largest U.S. pension, the Pfizer Consolidated Pension Plan, stopped adding benefits on January 1, 2018. If you earned a benefit before then, it's fixed.
Where the Pfizer pension stands
Accruals under the Pfizer Consolidated Pension Plan, Pfizer's largest U.S. defined benefit plan, froze effective January 1, 2018, and Pfizer's defined contribution plan gives additional annual contributions instead. Pfizer's FY2025 10-K says its U.S. pension plans are frozen.
Lump sums and insurer transfers
Pfizer's FY2025 10-K doesn't report a U.S. lump sum window or insurer transfer, and we found no primary source for one.
What a lump sum is worth in 2026
When a private plan pays a lump sum, it can't be smaller than the IRS 417(e) present value. Plans that use November rates for 2026 apply the November 2025 segment rates: 4.07% for payments in years 1 to 5, 5.15% for years 6 to 20 and 6.01% after that, with the IRS 2026 mortality table from Notice 2025-40. On those inputs, a $3,000 monthly benefit starting at 65 has a minimum lump sum of about $442,500. Your plan's lookback month can differ, so check your Summary Plan Description, and run your own benefit through the lump sum calculator.
PBGC coverage
Benefits still in a private single-employer plan are insured by the PBGC. For a plan that terminates in 2026, PBGC guarantees up to $7,789.77 a month for a straight-life annuity starting at 65, less for earlier starts or survivor forms. Benefits moved to an insurer leave the PBGC system and rely on the insurer and state guaranty associations instead.
Social Security
Pfizer jobs paid into Social Security, so the Windfall Elimination Provision never applied to these pensions, and WEP was repealed anyway for benefits payable after December 2023. If the pension covers your basic expenses, delaying Social Security toward 70 raises the one income source that adjusts for inflation. Model it with the Social Security calculator.
The Pfizer employer page lists the filings behind every date and dollar figure here.