It depends on the terms of the pension, your projected lifespans, and other factors. Will you be supplementing with Social Security? What other savings do you have? Will you immediately be drawing down on the lump sum? What exactly is your plan for the future beyond stopping work?
If you take the lump sum, the 1% management fee is pretty standard in our industry, but the services that are included for that fee vary greatly. For example, you could be getting ongoing fee-only financial planning, including tax return preparation and advice, or you may just be hiring someone to plug your numbers into the system and provide you with quarterly reports and an occasional phone call. And there are a lot of variations in the middle of those 2 extremes. You hold the cards and you should find out what you can expect for that 1%.
Before you make your decision, read Simple Wealth, Inevitable Wealth. If you decide to interview advisors, here is a list of questions you can take along. And this calculator can give you a quick comparison of your 2 options. Over the long term (which is your next 30 years), following a plan, and with appropriate allocation and management, your goal should be around 8% growth with dividends reinvested.
Good luck and I hope this helps!