Should I use a workplace pension or a SIPP?

Choosing the right home for your retirement savings is crucial – it could leave you thousands of pounds better off. We explain the differences between a SIPP and workplace pension

Retirement plan document with charts on it is positioned next to pen, calculator and glasses.
(Image credit: jayk7 via Getty Images)

Making the decision about where you save for retirement – and how you invest the money – can have a huge impact on the pot you eventually have to live on when you give up work.

If you’re employed – rather than self-employed – you’ll be automatically entered into a workplace pension scheme where you and your employer contribute a monthly amount.

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Contributor

Holly Thomas is a freelance financial journalist covering personal finance and investments. 

She has written for a number of papers,  including The Times, The Sunday Times and the Daily Mail. 

Previously she worked as deputy personal finance editor at The Sunday Times, Money Editor at the Daily/Sunday Express and also at Financial Times Business.

She has won Investment Freelance Journalist of the Year at the Aegon Asset Management Media Awards in November 2021. 

With contributions from