Hard to see how means testing would work, with the majority of pensions being defined contributions you'd probably get people taking the lump sum 10 years before state pension age, retiring earlier to run down the amount below any threshold for means testing. Of course they could say it's deprivation of assets but that would be hard to say since you'd just be living in the income -could easily get through 500k in 10 years with an average lifestyle. The above is more or less my plan anyway though I will have a modest dB pension to top up state pension from 67.