The solution to this is very easy.

If you want to take a tax free lump sum from your pension fund but don’t want to take an income, a Pension Income Withdrawal (often known as ‘Pension Drawdown’) contract will probably be the recommendation from The Pensions Office.

After taking the tax free lump sum you can defer taking an income for months or years, or only take a small level of income. You can change this level of income as often as you wish, up to a maximum amount determined by legislation.

You must use the remaining fund to provide an annual income by the time you reach the age of 75 and there may be other restrictions depending on the way in which your pension fund built up.

So, for the maximum amount of flexibility within your pension scheme….