Query re benefits on wind up of occupational scheme

[mandelbrot]

Hi all, I received the following text message from a friend this evening and I'm not able to answer it - would appreciate enlightenment if anyone can advise!?

"Do you know the formula for the cash draw down for a person exiting a pension fund. Its the wind up of w********d c*****l pension. Some people can't take all funds. Small proportion goes to further pension or bond. Need to know how cash portion is calculated. Does age come into it?"

I know very little about pensions, so feel free to answer me like you would if I were a small child...

Thanks.