We present the discovery of a new planetary nebula from the IPHAS survey. The remarkable morphology of its inner regions, which display a bright knotty ring surrounded by high excitation gas, led to the object's nickname, the ``Necklace nebula''. The finding of a binary central star with an orbital period of 1.16 days makes it a new clear example of strongly aspherical mass deposition - both in the form of a slow equatorial outflow and fast polar ejections - resulting from the common-envelope phase.