I am not an expert, below is what I understood from reading our pension summary plan description.
The pension lump sum is available to retiree only. retiree requirement is 15 years of service and 55 years old. For people leave company befo
re reaching retiree status, you can get basic annuity payable at age 65. If you like to receive pension at age 60, the amount would be 60% of the pension benefit. The pension summary plan had a detailed discount table with age. In summary, the pension benefit is more discounted, no lump sum option and is not eligible for pre-social security pension for people who are not retirees.