[turndownsideup]

Lump sum broken up in increments is a very simple portfolio of cash and equities.

There is opportunity cost of the cash (inflation is 9% currently). These don't compare the same as apple and oranges.

Mathematically, as long as equity value is always accretive (due to passive flow from pensions) lump sum does win on a raw return basis. This doesn't take account of drawdown management. (Think 3AC)