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Embark Pensions

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).

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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:

  1. Option SIPP
  2. 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.


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:


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.


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
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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:

  1. Complete an online application via their adviser portal; and
  2. 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. 

Have you used Embark Pensions' services?

Join the conversation - be the first to comment.

Please send your review and comments to marketing@aesinternational.com to help people make an informed decision.

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

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