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Policy Information Point (PIP) is the repository for hosts the Policies the digital representation of the Policy which is provided to the Policy Decision Point (PDP) which then passes the decision to the Policy Enforcement Point (PEP) where the access is permitted or denied.

Obviously in Policy Based Management System (PBMS), all the entities:

• Policy Information Point (PIP)
• Policy Decision Point (PDP)
• Policy Enforcement Point (PEP)

Source: https://ldapwiki.com/wiki/Policy%20Information%20Point