Get serious.  You are correct that there is no actuarial reserve, but you have a pension guarantee. Something that 70% of the population doesn't have. But you bring up a good point. The 'unfunded liability' has been estimated at over $200 billion, by the non-partisan PBO.
Secondly, no RRSP room? When you look at the civil servant contribution and add to it what the feds should be contributing, you are easily at 18% of earnings, which is the maximum contribution for those without pensions.
Don't know the plan well enough to comment on the age 55 thing. But the rule of "age + years of service" should have been dropped a decade ago. People live much longer than when these plans were conceived and the risk now falls to the taxpayer to make good on these promises.