I agree with Den. When i retired age 56, i was freed from selling the hours i have left to a boss and used them myself. The most important thing to do with these pension lump sums is not to let any financial advisor have control. Buy 50k premium bonds just for fun and put some in ISAs for safe keeping then keep a load of cash available for wasting. I also give out cash sums to my adult children. hence one has just come back from 2 weeks in the Canaries then another is off on a Baltic cruise. My 4 year old Grandson just got a large decking area for his trampoline and the list goes on. Its worth gifting as it brings a lot of joy to some of the offspring who could never afford luxuries. Only won 100 pounds today on premium bonds but its often quite a lot more and tax free.
It gets very hard to spend a lot of money as you get to over 70 and housing has been paid for many years ago. Its why i have new cars quite often and all my modern bikes have been bought new.