Hello and welcome to the site. Thank you for your question.
A short answer to your question is yes...
Here is an outline of implications of full withdrawal of pension pot from Apr 2015
Savers will be able to access the entirety of their pension at any time after age 55, subject to income tax at marginal rates on three-quarters of the money.
The ability to take the whole pension as one lump of income would mean someone with a £100,000 pension could take £25,000 tax-free and then withdraw the remaining £75,000 to spend or invest as they saw fit.
The £75,000 would be treated as income for that tax year, pushing the individual into the higher-rate tax band for the year.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.