A. If your employer offers pension, at the time of your retirement, your first decision is whether to take a lump sum or as a lifetime payout.
Because pension payment is based on year of service and salary, and gender is not a factor, it is generally a good idea for women to take lifetime income because women tend to live longer than men.
When to take a lump sum?
If you have other assets, such as a sizable investment portfolio, and if you are comfortable managing your own money, you will have more flexibility when you take the lump sum option.
When to take lifetime income?
If you want guarantee against market downturns, and not to worry about outliving your money, then taking lifetime income option will be better than taking the lump sum and use it to purchase an annuity from an insurer.