DB Pension Question

[ninetieseyebrows]

I have recently discovered I have a small pension from 1997 when I worked for a large insurance company. I was with the company for 2.5 years and contributed to their pension scheme - which is a final salary scheme. When I left the company my salary was around £15000.
The paperwork tells me that my pot would give me a pension of £600 pa when I come to take the pension out when I retire.
I did get a transfer value in 2017 of around £40,000, which I didn't act on and left the pot as it was.
Can someone tell me (as if I was 5 years old, please) how final salary schemes work? The transfer value seems far more useful to me than £600 pa after retirement. Or am I missing something here?
Will speak to an IFA but just before I do just wanted to check I'm not missing something glaringly obvious.
TIA

Does the paperwork say that the £600pa benefit is the figure as at "Date of Leaving". If so then it will have increased over time and you should ask for an estimate of what the benefit will be at retirement.

That benefit (plus increases up to retirement and probably also once in payment) would be payable to you every year from the scheme's Normal Retirement Age until you die. If you are in good health and gave a family history of longevity that could be maybe 30 years or more. You may be able to claim it early and take a lower amount. You may be able to exchange some of it for a tax free cash lump sum. You may get a spouse's benefit. Check the Scheme Rules.

A revised Transfer Value calculation done now could be half the previous one from 2017. It might be the more valuable option if you are in poor health with reduced life expectancy, but for most people the guaranteed benefit is the more suitable.

@Sunseed thank you so much for your response. So helpful. I've requested an up to date transfer value, and I understand it's likely to have fallen. I most likely will leave where it is and let it pick up for the time being at least.