I currently have a workplace pension with People's Pension. My understanding is that this means that:
- I pay into it each month
- My employer pays into it each month
- The government gives me a certain amount of tax relief each month
I have been paying into this pension for a few years and there is approximately 10k in there.
I'd like to:
- Move this money into a SIPP and manage how it is invested myself.
- Have my employer to keep paying into it
- Still receive the same level of tax-relief.
I'm unclear on how my workplace pension and SIPP interact. Can I move effectively swap my workplace pension for a SIPP and have my employer pay into that instead? Or can I retain my workplace pension, but move the balance over in regular instalments?
What is the most sensible and cost-effective course of action?