FIPP
Welcome to the FIPP from Hornbuckle Mitchell.
This new offering will evolve as the circumstances of those in retirement evolve. The FIPP provides a range of retirement income options which can be tailored to meet the needs of people looking to take an income from their pension fund.
What is the FIPP?
The Flexible Income Pension Plan (FIPP) from Hornbuckle Mitchell is a new kind of Self Invested Personal Pension (SIPP) that offers a wider range of income options in retirement including, for the first time, Scheme Pension.
These options are: Tax Free cash only (50* – 75)
Income Drawdown (Unsecured Pension (USP), 50* – 75)
Phased Income Drawdown (50* – 75)
Any combination of Tax free cash and Income Drawdown
(50* – 75)
Alternatively Secured Pension (ASP, 75+)
Annuity Purchase (50* +)
Scheme Pension (50* +)
* 55 from 2010
The FIPP can now also accept Protected Rights funds, these can be self invested in the same way as non Protected Rights. The Protected Rights fund can also be used in borrowing calculations.
An income can be drawn from the Protected Rights fund but Protected Rights cannot be used in Scheme pension.
The Hornbuckle Mitchell Private Pension provides the member the opportunity to invest their funds (including Protected Rights) in any HMRC permitted investments which do not attract a tax charge.
The member also has the option of using their fund (including Protected Rights) in borrowing calculations.
If investing Protected Rights in the Private Pension the Protected Rights fund is 'ring fenced', this way we are always able to identify the Protected Rights money.
If you already have a Hornbuckle Mitchell SIPP, you can easily transfer to the new FIPP by completing a simple Deed.