Final salary pension transfer

Commuting cuts income by 2725 to get 60000 capital, a 22:1 commutation value, on the high side.

DB pension now 10845. Inflation increases on at least some of it, probably capped at 2.5%, 5% or some of each. Probably a spousal pension, maybe 60%.

A transfer value of 512000 using income drawdown assuming 1.5% a year of ongoing costs could produce:

1a. 16384 a year with uncapped inflation increases on a 30 year plan, 100% spousal pension or 15360 on a longer plan. 3.2% or 3.0% of capital using 4% rule with UK investments. Higher likely if you don't live through very bad times.
1b. 22626 for 9 years then 13859 for 21 years or 21759 for 9 years then 12992 for longer. Higher drawing to bridge gap until state pension age. Otherwise like 1a. 8767 * 9 = 78903 leaving 433097. 3.2% = 13859, 3.0% = 12992.

2a. 25600 a year variable usually with inflation increases but sometimes not or with extra 10% cut or increase depending on the times you live through, 40 year plan, UK investments, 100% spousal, Guyton-Klinger rules, initially 5% of capital.
2b. 30421 variable for 9 years then 21654 for 31. Same basis as 2a, adjusted to bridge to state pension age like 1b.

3. Some combination.

The b versions take more for 9 years to cover the lack of a state pension, producing a smoother income profile. For convenience I've assumed that the bridging portion grows with inflation so numbers are largely in today's money.

The more modern Guyton-Klinger rules recognise that people can be flexible so they can start higher and adjust when needed.

As usual for private sector transfers at the moment the transfer looks good with substantially higher expected income, greater flexibility, probably better spousal protection and better inheritance.

what's your health like?
and your wife's?
and health / longevity history of your respective parents / grandparents / families?
Put it another way are you budgeting for 20 years or 40 years?