re: Offered lump sum payment for old pension. Should I take it? (Im only 36)

Unless the return they are promising you is in the range of 10% or more, I'd definitely take the lump sum.

Investing money in the common 80% stocks 20% bonds ratio roughly doubles your money every 10 years. So at 65, that money would be about $90,000. $355 a month is a 4.7% return on 90k. That's again very rough, but a decent big picture estimate.

Just remember, that once you die the company keeps the money if you keep it with them. You get to pass on the principal of it is yours'.