Hi Cricket,
Can you check if the old DB pension scheme was transferred to a defined contribution (DC) scheme and if so can you transfer your benefits to the new DC scheme? If you can this gives you the benefit of the ARF or annuity option and you should closely consider what option suits you best taking both tax free cash and retirement income into account.
If your only option is a buy out bond then unless as Conan says and you can afford to leave the funds in the Buy Out Bond for at least a couple of years, its probably not worthwhile checking around for better value in the BOB, but, and this is a big but, check what net allocation rate you receive on the way in and if there are any charges when you take the funds out to purchase an annuity.
In addition make sure you shop around re the annuity rate you get from the BOB, there are several providers and rates can differ. A good adviser can do this quickly for you so dont just take what Irish Life or the scheme trustees offer until you have price checked the alternatives. Also take the time to price what you want re the annuity i.e inflating or not and if a spouses pension is required etc. as these all influence the annuity rate.
If you can get the ARF option then this could be really beneficial to you as you can gradually move funds from an ARF to an annuity as you get older and you get higher annuity rates the older you are ( all other things being equal). Ask an adviser for an indication as to how annuity rates increase as you get older. Whatever you do make sure to shop around for the best value annuity. All the best Vincent