Hello and welcome!
I took the social security option offered by my pension plan at age 55.
I think this is the same as what you're considering. The purpose is to even out the amount of total income you receive from combined pension and social security. If your pension is large, it may pay you about what your social security will be for years prior to drawing soc sec and then less when you start drawing.
Because my pension was not very large (only 18 years service), it will run out completely at age 65.
The reasons I chose this option are:
1) We needed more cash flow now and this seemed the best place to get it.
2) The only option my pension offered with survivor benefits was not very good and had no COLA.
3) Only one option offered COLA but it didn't pay a whole lot.
4) It allowed me to delay drawing social security until my full retirement age.
Unlike my pension, social security provides COLA and survivor benefits. My husband and I would draw roughly the same amount if we both drew at 62. If we did this, then when one of us dies, the amount of soc sec would be cut in half. Otherwise, if he draws at 62 and I wait until 66, then the survivor will receive the higher soc sec. It won't be as big a financial jolt.
5) If I had chosen the lifetime option that paid the most, I would have received about the same per month as the difference between drawing my soc sec at 62 and at 66. But that option didn't have a COLA or a survivor benefit. Besides, pensions are taxed more harshly than soc sec and can drive up provisional income, causing more of your social security to be taxed. So delaying soc sec seemed wiser.
6) Drawing my entire pension in 10 years has a couple of other advantages - the possibility I'll live long enough to get the whole value of the pension is pretty favorable and the lack of COLA is not as much a big deal at 10 years as opposed to a lifetime.
If you have a spouse, and you chose a pension option like I chose with no survivor benefits,and you're planning to delay taking social security, you may want to take out a small term life insurance until you draw social security. Last time I checked term policies were pretty cheap - that is if you're healthy.
I'm not a professional. That's my experience. Hope it helps!