Like all issues re retirement - State Pension, Company Pension, savings - taking a lump sum that is tax free or take a bigger pension and forgo the tax free cash etc
The BIG issue is that you do not know how long you will live, what inflation is going to be, what the UK economy and therefore the State Pension will be etc etc
My parents retired in the early 70s - financially OK - inflation at 20% was a killer as was the fact that my mother lived to 90 plus
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