Just going through the same process as the OP and already consulted two pension advisors, they both said the same……go for the big lump sum rather than the higher monthly payments.
Next question is what to do with it as returns are so poor currently but realistically not that many options.

I’m not there yet but will be in the same position in a few years. Lump sum is definitely the way to go in my opinion.

I’m hoping they still allow it (tax free) by the time I hit 55! Will be gutted if it goes in the next few years…

Next question is what to do with it as returns are so poor currently but realistically not that many options.

My plan is just to re-invest in stocks and shares and try and grow it modestly. Spread over a wide range on investments, it will be fairly insulated from anything other than big crashes etc (which always recover eventually).

I am in the fortunate position of having a preserved military final salary from the RAF at 60, and a defined contribution scheme from my second career in the airlines.

The pension freedoms these days are quite liberating with how I can handle my cash pot. Annuity rates are at an all time low, but I can keep my pot invested post retirement and draw it down as required. I no longer need to retreat into bonds and gilts 5 years before retirement fearing a crash. My mortgage pays of at 58, and by 60 my youngest will be 27.

Having been a higher rate tax payer, the 25% tax free cash lump sum on retirement works well for me. Like someone mentions earlier from their parents, mine will be paying for a boating adventure!

Long time off retiring as I have a nine year old but when the time comes we’ll both take ours, buy a nice campervan, live of it as long possible before drawing down the rest. Annuities make no sense it a world were intesrt rates are negative

As im 55 i realise that the sun is setting on me and that my best years are behind me.

Are they though? Depends how you define best. I retired 4 years ago at 52. In terms of, say, peak fitness yes my best years are behind me. In terms of enjoying life I’m almost certainly living the best years of my life at the moment. Suspect the same may potentially be the same for you. Take the lump sum and enjoy life. Have adventures.