re: Pension or Lump Sum?

Are you planning on retiring as soon as you take the pension? If not, I'd take the lump sum and invest it for 3-5 years while continuing to work. At that point you should have a good amount of buffer built up. Put a good bit on your newly made money in cash or something safe like a CD.

$60k pension on $1 mil lump sum though as said is a 6% return which is great. I'd agree with the above that even if you don't take it now, they may force a buy out at some point as that's not sustainable.

Think about it this way OP. You could put $1 mil in a 2.5% CD and it would last you around 17 years. So you'd be 77.

Don't forget that even if you have to use some of your $1 mil principle to get to that $60k, anything you have left over will be better than your pension.