Pension Payout: Lump sum or monthly check?

"If you’ve worked many years for this employer and have earned a substantial benefit, deciding between the lump sum and monthly pension will be one of the most important financial decisions you’ll make about your retirement. It’s well worth your time to carefully consider your choices before doing so." Financial writer Steve Vernon lays out the pros/cons of each option: http://www.cbsnews.com/news/pension-payment-lump-sum-or-monthly-check