Embark
Pensions

(formerly known as Hornbuckle Mitchell Group)

An independent review by our team of experts

Hornbuckle Mitchell Group is now known as Embark Pensions.

They made this change because they were consolidating the majority of their SIPP products into a single brand “Embark Pensions”, that would bring the following firms within the Embark Group under a single trading name: Embark Services Ltd (trading as Hornbuckle) and EBS Pensions Ltd.

Embark Pensions offers a full range of pension products including SIPPs, SSASs and Family Pension Trusts.

Embark Pensions is a trading name of EBS Pensions Limited. EBS Pensions Limited is a company registered in England (No. 998606) and a wholly owned subsidiary of Embark Group Limited, with its registered office at 5th Floor, 100 Cannon Street, London EC4N 6EU.

EBS Pensions Limited is authorised and regulated by the Financial Conduct Authority (Registration No. 134908).

Embark Group say that they have 415,000 individual clients in 8 locations nationwide, along with £38.5bn of assets under management.

Embark Pensions offers two types of SIPPs:

Option SIPP
Full SIPP

Let's have a look at them in a little more detail below.

1. Option SIPP:

The Option SIPP offered by Embark Pensions, aims to provide a flexible pension offering.
The Option SIPP is a Self Invested Personal Pension (SIPP), a type of personal pension. Unlike a traditional personal pension taken out with an insurance company, which can only invest in that company’s selected products, a SIPP aims to give you more freedom.
Up to age 75, you and/or your employer can pay tax relievable contributions up to the annual allowance in each tax year. The tax relief on personal contributions is limited to the higher of 100% of earnings or £3,600 per annum. There will be a tax charge against contributions made in excess of the annual allowance which is payable by you, the member.
We would recommend consulting a regulated financial adviser before continuing with any application for an Option SIPP, to consider the available alternatives.

The set up charges of Embark Pensions' Option SIPP are as follows:

	Initial	Annual
Membership to scheme*	-	£190
Transfer fee per company (including in-specie)	£50	-
Additional standard investment x 1	-	£25
Fixed Term Bank Account (non-standard)	-	£100
Contributions via Direct Debit	-	£10

*This fee includes one standard investment, for example a DFM account.

2. Full SIPP:

The Full SIPP is a Self Invested Personal Pension (SIPP), a type of personal pension.
The growth of your pension fund will largely depend on the performance of your chosen investments.
You and/or your employer can make single or regular contributions; if you have previous pension arrangements, you may transfer them into your SIPP.
The tax relief on contribution rules are same as Embark Pension's Option SIPP.

The set up charges of Embark Pensions' Full SIPP are as follows:

	Initial	Annual
Membership to scheme	-	£400
Transfer fee per company (including in-specie)	£50	-
Additional standard investment x 1	-	£25
Fixed Term Bank Account (non-standard)	-	£100
Contributions via Direct Debit	-	£10

It's worth noting the following points for both the Option SIPP and Full SIPP charges:

These could change from time to time.
All fees are subject to VAT.
Option SIPP and Full SIPP fees are not prorated.

NOTE:

The following products which were offered by Hornbuckle Mitchell Group are now closed to new business:

Hornbuckle Mitchell SIPP
Flexible Income Pension Plan
Private Pension
Hornbuckle Mitchell Private Pension

Two products offered by EBS Pensions have also been closed to new business, namely:

EBS SIPP
EBS SAPPP

While Embark Pensions has been around for 40 years, their offerings are not as good as competitors and we would recommend reading the expert verdict section of the review for more information.

NOTE:

We would highly recommend reading the 'expert verdict' section of this independent review.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

Academic evidence only shared with a select few firms across the world
A real-life example of why you should never try to outguess the market
Why a fund's past performance is not enough to predict future returns
Why you need to focus on what you can control and why this leads to a better investment experience
Why you should accept the markets for what they are
What can impact behaviour and make people seek instant gratification

The Pros

> The Hornbuckle Mitchell Group still exists under Embark Group to existing customers. The administration of these products will remain unchanged and members will continue to receive the same services as before

The Cons

> Better options out there

What are the tax advantages of Embark Pensions' Full SIPP?

The tax advantages of Embark Pensions Full SIPP, as stated by them, are as follows:

Personal contributions qualify for tax relief at your highest marginal rate (subject to HMRC restrictions).
• Your pension fund is free from UK income and capital gains taxes although tax may not be reclaimed on UK dividends.
• On your death, your accumulated fund can normally be paid free of inheritance tax.
• These tax advantages are based on their current understanding of the legislation and may change in
the future.

What is Flexi Access Drawdown?

It is an option for anybody aged 55 and over where they can start to take an income from their SIPP.

You can take up to 25% of your fund tax free as a pension commencement lump sum, as long as you have sufficient lifetime allowance available.

You can then utilise drawdown on the rest of the fund as and when you want, which will be subject to your marginal rate of tax.

What is an Uncrystallised Funds Pension Lump Sum?

An Uncrystallised Funds Pension Lump Sum can be paid from uncrystallised funds as a lump sum – there will be a 25% tax-free element and the balance will be taxed at your marginal rate of tax.

How can I set up a SIPP with Embark Pensions?

Establishing one of Embark Pension' SIPPs involves two simple steps:

Complete an online application via their adviser portal; and
Send a signed online activation form via email or post to Embark Pensions at the address on their website.

Depending on your individual circumstances, you may need to complete some additional forms.

Expert assessment of Embark Pensions (formerly known as Hornbuckle Mitchell Group)

Read the UK regulator’s advice on pension transfers here.

Never deal with a firm that isn’t authorised as a UK pension transfer specialist.

Our advice would be to seek professional, fee-based and independent advice if you have an existing pension with Embark Pensions (formerly known as Hornbuckle Mitchell Group).

For pensions worth £500,000 or more, we recommend contacting us for a Second Opinion.

Embark Pensions - Financial Adviser Terms of Business and Registration Form

Embark Pensions - End User License Agreement

Embark Pensions - Option SIPP Key Features

Embark Pensions - Option SIPP Terms and Conditions

Embark Pensions - Option SIPP Fee Schedule

Embark Pensions - Full SIPP Key Features

Embark Pensions - Full SIPP Terms and Conditions

Embark Pensions - Full SIPP Fee Schedule

Embark Pensions - Pension SIPP Activation Form

Embark Pensions - Pensions Transfer Out Form

Embark Pensions - Product Conversion Form

The information in this material is intended for the recipient’s background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by AES to be reliable and AES has reasonable grounds to believe that all factual information herein is true as at the date of issue. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorised reproduction or transmitting of this material is strictly prohibited. AES accepts no responsibility for loss arising from the use of the information contained herein.

‘AES’ refers to the AES Group’s separate but affiliated entities generally, rather than to one particular entity. These entities are AES Middle East Insurance Broker LLC registered with the UAE Ministry of Economy, United Arab Emirates, Licence no. 571368, and Commercial Registration no. 75162 and regulated by the UAE Central Bank license no. 189; AES Financial Services Limited, incorporated and registered in England and Wales with company number 06063185, authorised and regulated by the UK Financial Conduct Authority FRN: 464494; AES Financial Services (DIFC) Ltd, registered in the Dubai Financial Centre (DIFC) as a foreign company, license no.2128, and regulated by the Dubai Financial Services Authority (DFSA) Reference No F003476; AES International Limited, a private company incorporated and registered in the British Virgin Islands with company number 1839872; AES International Global Limited, a private company incorporated and registered in the British Virgin Islands with company number 1887885. Please visit our authorisations page for further information on regulation, redress and accessibility.

If you are outside the UK and we advise you or carry out other business, nearly all the rules, regulations and arrangements made under the UK regulatory regime (including the rules made by the FCA and the dispute resolution process provided by the UK Financial Ombudsman Service) will not apply to most aspects of the service you receive, such advice or business being provided from outside the UK. You should therefore clearly understand such rights and protection as are afforded in the jurisdiction where you receive advice. Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK.

RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful. For further information, please click here.

Embark
Pensions

(formerly known as Hornbuckle Mitchell Group)

An independent review by our team of experts

REVIEW SUMMARY