Transition energy calculations for low-lying states of Pb and Pb2+ by the f
our-component versions of the Fock-space RCC-SD and PT2/CI methods are repo
rted. Contributions of valence and core electron correlation are studied in
all-electron calculations with the Dirac-Coulomb Hamiltonian. The accuracy
of our generalized RECP and the RECP of Christiansen and co-workers is tes
ted. The consideration of only one- and two-body amplitudes for Valence ele
ctrons in the RCC method for Pb is shown not to be sufficient to reproduce
valence excitations within 100-300 cm(-1). Correcting RCC-SD results by est
imated contributions of triple and quadruple excitations yields an accuracy
of about 200 cm(-1).