LFFP
Depends on your circumstances and the timing. If you are PAS, the increase in pension, even when scaled-down to the EDP, may still be attractive in comparison to the current terms, if you are close enough to normal retirement age and can afford the risk of defering some of the income on the assumption of collecting the second lump-sum at 65. You may take a hit on the SCP, compared to current terms, but not necessarily compared with the terms as they will be from 2008 or 2013. I am afraid you will have to make that judgement for yourself. If you are not PAS, then there is little to smile at all round.
Regards
Ginseng