Most of the time I would disagree with you.
Inflation would eat away your annuity at a rate of 3-5% a year. But with the pot THIS big, there is hardly any fear of that.
That said, taking the lump sum is the financially sound move almost every time. You can invest to keep up with inflation and changing times.
Thirty years from now is going to look very different.
At those numbers who cares about inflation.
Spend it like a drunken sailor