What sort of pipe?
mdpe will pretty much stand freezing without damage. Other types of "plastic" pipe may split if frozen.
Is your goal just to prevent damage, or to have a working tap all year?
If so you want the pipe INSIDE the insulated envelope of the building, even then some insulation would be advisable.
By the way I don't regard "insulated plasterboard" as being much in the way of insulation. That's just a thin backing of insulation behind the plasterboard sheet. As a minimum fill the whole 47mm cavity with kingspan or Celotex, then your insulated plasterboard. Then fit as much insulation on the pipe as you can fit or afford.