Unless the best choice is obvious, most people should probably start by talking to someone in their benefits department.
If the pension is complicated (and they usually are complicated) and you are unsure how to optimize your decision, it would probably be wise to consult with someone who can help you do the analysis.
Take your time figuring it out and cross check any decisions with another credible expert if you can.
Since you worked for it all your life for that benefit and you cannot undo the decision... the stakes are high.
Here is a VG study on the topic: https://institutional.vanguard.com/iam/pdf/CRRLSA.pdf
This is a study of what occurred (decisions people made)... not necessarily what people should do.
An observation. This study was conducted for years 2000 - 2006 with low tenured workers ( average service of 11 - 13 years). Plus before the meltdown.
Low value cash out stats are sometime mixed with lump sum figures.... which can be a little misleading.
Here is a Schwab article about how to do some basic analysis.
Note the analysis tip... conservative equity allocations:
Lump Sum Vs. Annuity
TIP: Be sure to use a reasonable estimate of what your lump-sum investment might earn. We think a conservative portfolio of 20% equities, 50% bonds and 30% cash could grow 4.1% on average annually over the long term. Double that equity allocation to 40%—a riskier portfolio—and our 20-year estimate is still just 5.1% per year, much less than the annuity’s total return in the 30-year example above.