Help with general implementation of overheard chase cam

Right now what I have is an overhead view camera that follows the player pawn around. The camera is in a spring arm which is in the root CapsuleComponent of the pawn character. What I want to do with this is have the camera only move to follow the pawn when the distance between the camera and the pawn passes a certain threshold. Essentially so that there is a radius around the spot directly underneath the camera where the player is free to move without pulling the camera around. (note: it’s not at all important that the camera point at the pawn, it will always just be looking downwards)

How would I go about this, and where should this logic go? Should I pull the camera out of the pawn blueprint and into the camera manager blueprint? I really appreciate any help you can give. Thank you!