Good news for BEags, less so for Shackman: Although normally made at retirement, election for life commutation can be made at any time - er, while you're still alive that is! So if BEags thinks he got it wrong, he can do it any time - decreasing amount will be realised as time goes on of course.
Less good for Shackman - you can't change your mind the other way! But of course life commutation does what it says on the tin - when you finally peg out, pension reverts to uncommuted figure for calculation of widow's pension. That may or may not be good news .....
Above facts (unsurprisingly?!?) not terribly well publicised by inmates of Handbrake House........