There are pros and cons to both options, but it's hard to offer solid advice without gathering more information about the pension and your investment preferences. I'd be happy to help you review your options in detail. Please reach me at email@example.com if you're interested.
All the best,
I would agree with Ryan that there are many things to consider. As a general rule and if the plan allows it, I would take a lump-sum and roll it over to an IRA or annuity that we can monitor and control. The reason is that many pension plans have failed or are in trouble. The PBGC that insures pension plans is also in trouble. Here is an article that you may find of value and may help answer your question http://essigman.com/blog/?p=204
Here is another article that touches on the subject of pensions… http://essigman.com/blog/?p=167
Don’t do this on your own. Discuss it in detail with a trusted financial professional and let them help you with your decisions and investment options.
In addition to the thoughts above, you should look to see when/if you have other opportunities to take a lump sum or annuity payment, and what the value would be at that point. For example, you may have one value now, and another value at age 65 (or another age). Depending on the difference (if any), it may make sense to wait and make the decision of lump sum vs. annuity in the future.