Hi there blowin3, this is a very nuanced and important decision and if you look at other threads on this topic you will be able to see some of the main issues that you need to consider. Generally giving up a guaranteed income for life is a big step and you would in most cases need a good reason or justification to do so. The 2 situations where the transfer can be a valid decision in my view ( subject to the transfer value representing 'good value' ) would be a) if you were in poor health and unlikely to draw the DB pension for 2O+ years or b) had more than enough pensions/assets to support you in retirement and the ability to pass on any remaining pension balance to the estate was a more important consideration than a guaranteed income, which died with you.
There is a lot for you to think of before considering investment options, but fundamentally you need to be willing and prepared to run investment risk if you opt for the transfer value. I do think you should consider getting some professional help to understand the pros and cons properly.
Just a thought, if by any chance Portugal was your intended destination, DB pensions are tax free for 10 years whereas ARF income ends up being taxable.
Regards Vincent