/beyond this point lies inside baseball, deep theology and irreverence; may not be suitable for all viewers. Discretion is advised. TL;DR: his current church doesn't demand a faith in the Rapture (the Dispensationalist part of the term) but does take as a tenet of faith the Premillenial part (Christ is coming, and is he pissed.).
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For the theology wonks who are still interested and are content with a 45K foot overview, Pence was raised Catholic, and the Rapture and especially Premillenial Dispensationalism are deep heresies based on inferior understanding of the texts. Roman Catholic doctrine has little tolerance for the idea, which is derived from a poor reading of Revelation by a monolingual (English) itenerant preacher in the American Midwest in the late 19th century who used the KJV, which is itself a heretical document. (Indeed, there are people who still haven't gotten over the Protestant Reformation.) Within Catholicism, the idea of apocalypse is the end of an age, not the end of existence. (And John's Apocalypse was probably deeply influenced by the early Roman Empire, the Jewish genocide and destruction of the Temple in 70CE and possibly the Vesuvius 79CE eruption, and the follow-on devastation.) Ages end regularly, and the idea of the salvation of an Elect is both rank Calvinism and antithetical to the message of Christianity. Given that early education, he may be wary of PMD theology.
Pence is now associated with the Evangelical Free Church of America, which is not only Protestant, but is a Baptist offshoot. (Their Statement of Faith). Traditionally, Baptists also rejected Calvinism, but that goalpost has gotten wiggly over the past century. (Calvinism rejects free will, stating that since God is omniscient, there are people doomed to Hell or elected for Salvation; Baptists strongly rejected that at foundation, but they're good at forgetting that now.) The problem is that American Protestant Theology as a whole is pretty damn wiggly, mostly because most of the people who are preaching are not theologians. They don't understand and actively dismiss the historical, contextual, social and linguistic document they are discussing. They work from a 3rd or 4th generation translation, with limited access to the original languages, and work on the premise that the book they hold is perfect. Further, very few have actually read it as either a whole work of literature, or as a set of curated works of myth, law, poetry, history and advice columns. That's not how contemporary American Protestantism works -- instruction is focused on small aspects of the work(s), and on memorization. Questioning is often not okay, and doubt is discouraged.
Pence is absolutely a Dominionist -- he believes Christians (who agree with him; those who disagree aren't Christian in his opinion) are a chosen people who are given Dominion over creation, and should rule as care-taker kings until Christ's return. Dominionism comes with a lot of very destructive baggage, and it is premised on the idea of Millenarianism -- that Christ will return and reign as a god-king for 1000 years. The question is whether Pence is a Premillenial (that before Christ returns, there will be a time of destruction under the rule of an adversary) or a Post-Millenial (that Christ will only return when the world has been converted.) Traditionally, Baptists have been Post- rather than Pre-, and thus their missionary work.
Either way, Pence's theology is probably uninformed, poorly defined, and (my bet) is a tool in service of his ego and thirst for power. He doesn't behave like he deeply understands Christianity as taught by Jesus and even Paul. I'd call him a Christianist Dominionist Bibliolator rather than a Christian. He worships a book about, and his idea of what the book says, not what his actual prophet said and did.
This is a brief distillation of several years of Fred Clark's Slacktivist blog dissection of modern Christianity/Christianism and the awful Left Behind books. Who is a great writer with a very, very good grasp of contemporary Protestant culture and the theology they don't understand. And is also a very faithful Christian.
2nd TL;DR: yeah, Pence's theology is something that should be concerning. I'm interested in seeing where he's attending now, and who his DC spiritual advisor is, because that will tell a lot about his ability to separate his faith from policy. I don't know the answers to those two questions right now.
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