also if you are over 55 and your pot is less than £30k, you should be able to draw it as one lump sum
Should you not draw the tax free 25% and then feed in the balance at a rate which minimises tax? Depends on other sources of income
Yes, that's one option. There are lots of other options though, and the correct choice will depend on the individual's circumstances and attitude to a number of factors, which is what an IFA is supposed to assess. However, if you take all your pension out at 55, what do you intend to live on in your old age? Average life expectancy is 85 and rising. Your state pension won't start till you're 67-70 and even then it'll only be £140 ish per week. I hope you like Tesco Value Baked Beans on toast.