FIPP
Welcome to the FIPP from Hornbuckle Mitchell.
The FIPP 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.
The FIPP can 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 FIPP or Private Pension both provide the member with the opportunity to invest their funds (including Protected Rights) in any HMRC permitted investment which does not attract a tax charge. The member also has the option of using their fund (including Protected Rights) in borrowing calculations.
When investing Protected Rights the Protected Rights fund is 'ring fenced', this way we are always able to identify the Protected Rights money within the FIPP or Private Pension.
If you have a Hornbuckle Mitchell SIPP, you can easily transfer to the FIPP by completing a simple Deed.