You can take the tax-free lump sum no matter what.
In order to take the balance you must have guaranteed lifetime income of at least €12,700 per year from another source. In practice, that means another pension in payment of at least €12,700 per year.
If you don't have this, you can reinvest the balance in an Approved Minimum Retirement Fund (AMRF) and draw an income of 4% per year from it or use the balance to buy an annuity - a fixed income or life.
Regards,
Liam
www.ferga.com