Pension: Higher lump sum or lower lump sum?

Icicle_Boy

Turned_out_nice. said:

Icicle_Boy, I'm almost in the same boat as you (Civil Service Pension).
Would like to know what you decide on the lump sum? I will be in 40% tax for at least 5 years with the extra pension, however much it is whilst still working, not public sector but if I don't take the pension I'm losing out anyway.
I received my invitation to claim it yesterday from MyCSP. 

I went for the max annual pension and the smaller lump sum. May as well take the extra £16k a year which would be a big help. I am hoping to live forever, but of course you do not know. Lump sum, will try and not touch it and will look for a good savings account.