OnceaRAFer
Absolutely, me neither. I've learned a lot in the last three years and still learning.
CETVs i have seen are in excess of 30% higher than fund value.
You are correct, you cannot draw down a DB pension scheme but you can transfer it out and draw it down.
Transferring out can be quite simple. Get a letter from a financial advisor (preferably independent) that states you have taken advice and then its up to you to take your chance on the markets. Whether or not transfering out is a good idea depends on your personal outlook. Die soon after retiring and the DB scheme passes into the pension coffers, transfer out and die soon then the CETV cash becomes part of your estate and passes to your loved ones and ambulance chasers.
There is also the option to transfer out a portion (EG 50/50) of your CETV to get the best of both worlds.
I could be wrong on much of the above as I too am not a professional advisor, just someone trying to understand the rules and regs.
Talk to the professionals and take good advice .