It depends entirely on your personal circumstances.
If you have zero assets and (say) are renting your house, then a guaranteed income is a valuable thing. You have certainty of having cash coming in through the door, no matter what happens. Other than the fund going bust, which is a risk for some large PLCs, which in several cases are in fact a pension fund with a business on the side.
Your health is also a factor. If (at one extreme) youíve smoked 60 a day all your life, then spend it while you can. If there is nothing (forseeably) wrong with you, then you would be more cautious.
Do you have to retire? If no, then you can defer the day when you start pulling down your pension. If your skills are such that you can go contracting or similar, this is another option, even if only part time.
What is your current debt position - is the mortgage paid off and the house fully maintained? (Re-reading, I see youíre fine here).
Overall - buying an annuity (which is what the PLC fund is effectively doing) is a crap deal at the moment. Your income drawdown is essentially capping the liability, so it can offer you far more. And it may be more risky, as you say.
IMO this comes down to your assets and potential working life. The more you have to play with here, the more risks you can afford to take. If you are living in something you can downsize to release cash, and your skills allow you to work part time for longer, then the income drawdown is pretty attractive.
Illustrating with my position. As long as my brain is intact, I can do my job, and my job is in great demand. If my brain is not intact, then I donít care. So Iím not planning to go anywhere near annuities - I have a money purchase pension, and I will turn the lump sum dials to 11 when I pack it in. My plan would be to go part time (probably 6 month contracts, then 6 months off), and as such probably wouldnít need to go near a pension until Iím over 65. If I make it past 90, theníll Iíll flog the house and move into something more sensible.
And all this depends on the macroeconomic landscape. Say Corbyn gets in. There is a reasonable chance that after 5 years of that, 11 grand will buy you a loaf of bread and you wonít own your house either. Nothing is certain in this world.