No. Only lump sum payments can be paid in-specie. A partial commutation of a pension must happen first.
An SMSF can pay any super lump sum benefit in specie, meaning paying the benefit in-kind via an asset transfer. Therefore, where a member elects to partially commute their pension, the resulting super lump sum benefit can be paid in specie. Given that a partial commutation can also count towards a member’s minimum pension drawdown requirement, then in some circumstances a pension can be paid in specie.