Take deferred pension or transfer to LIRA? (Canadian)

[daizy744]

I left an employer a few months ago who offered a defined benefit pension.
I now have to decide what to do with the pension $$ that I accrued while working there (a little under 2 years). My options are:

A) Wait for a deferred pension: $246.49 per month, starting on Jan 1, 2040 (when I will be 65! I am 38 now). My spouse would get 60% of that amount should I die.

B ) Lump Sum Transfer to my locked-in RRSP (aka a LIRA) of $17,715, which means that it will be locked in until I am 55 (Jan 1, 2030).

I am leaning towards option B), given that it gives me greater flexibility. But wondering if there's any value to keeping the defined benefit pension, even though it's a small amount.

Any thoughts?

[Spudd]

I assume the deferred pension would not be COLA? If not, that would be worth considerably less than $246 in today's dollars by the time you retire. If it would be COLA, I've never understood whether the COLA applies during the deferral period or not (this is something I need to figure out for my own pension). If it doesn't apply during the deferral, my objection above still stands. If it does, then I think I would keep it, since although it's small, it's still guaranteed income and would be a bit of diversification.