Rules for withdrawing pension money rolled over to a Roth IRA

Dear Experts,

I have some money in a pension plan given to me by my previous employer. They give me a fixed percentage interest on it as of now. I am thinking to take that money out from them and move it somewhere where I can invest it into stocks. I have following three options for taking the money out and bring it to 

1. A roth IRA account. I will have to pay taxes on the amount now.
2. A traditional IRA account. I will not have to pay any taxes now.
3. Take the money in a general investment account. Pay taxes now and on all the gains.

I am not considering option 3.

I have a doubt about option 1. In general any money we directly contributed to a Roth IRA can be withdrawn anytime without any penalty and there is no 5 years cooling off period on it.

Doubt: If I take my pension money from the administrator to a Roth IRA account and pay taxes now will there be a 5 years cooling off period applicable for penalty free withdrawal? 

Please feel free to ask for any clarification. 

Thanks,