Decisions made when signing papers for retirement can affect you later on in life. There are several things to take into consideration, and they shouldn't be rushed. Meeting with Sherry (Presently ATU's Pension Officer) at the Pension Board, before making any decision is definitely recommended. She will be able to answer any question you may have.
Also, if you are within your last 5 years. Speak with your Supervisor about attending the City Retirement Course.
Things to consider:
Mortality rate - It sucks, but we all have a different life span
Spousal arrangements - Sometimes the person you think may be entitled to your spousal benefit, isn't the actual person
Beneficiaries - If not addressed, this can be hard to deal with for families after the plan member has deceased
Pension Supplement - Determining whether taking more money at the beginning of payment will be the best decision or not. This money does have to be repayed and then some depending how long one lives