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That would imply taking the cash and shopping around for a better annuity deal? I did look around and I found nothing even close to the annuity option offered by the pension.

As long as you don't care about not passing any of the pension money onto to any benes, then joint life pension is likely your best.

The folks that visit TMF generally are anti-pension and certainly anti-annuity but I believe that each person's situation is different and that sometimes, perhaps even most of the time, a person is better off with a guaranteed source of income that (generally) cannot be lost to market forces.

Study your pension well and make sure you make an informed decision. It may be possible that you might be safer in a guaranteed income that is lower from a highly rated insurance company than from an underfunded pension.
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