From a purely financial standpoint, I would lean towards the new opportunity. It starts less, but being that is has a pension, I'm gonna bet that it is a government position. If so, you are looking at cost of living raises each year in addition to any performance raises. This would make your 8% pay cut negligible in pretty short order. Pensions are tough to come by and they are like a warm blanket. Combine that with a decent IRA savings plan and you can really build a nice retirement package for yourself.
Just my
