Martin Lewis has issued a stark warning to individuals with private or company pensions across the UK.
The financial expert, renowned for his savvy money-saving advice and ensuring people don’t miss out on what they’re entitled to, has highlighted an important tip amidst the cost-of-living crisis. His guidance is particularly pertinent now as households struggle with rising expenses.
On Monday, Martin Lewis reiterated a crucial piece of advice regarding pension savings and the potential risk of inadvertently leaving them to an ex-partner. He stressed that pensions are not covered by wills; instead, beneficiaries must be nominated separately to ensure your wishes are followed.
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In a post on X, Mr Lewis cautioned: “Warning. Don’t accidentally leave your pension to your ex! You CAN’T leave pension savings in your will. Die before taking your private/company pension and the provider/trustees decide what to do with it.”
He continued, advising pension holders to complete an ‘expression of wishes’ or nomination form to communicate their preferences to providers. Martin Lewis emphasised the importance of keeping this information current, sharing a cautionary tale:
“An expression of wishes (or nomination) form tells them your preference. Fill one in (your provider should have them). If you have, but years ago check it’s up to date or as I was told”, reports the Liverpool Echo.
“‘Colleague’s ex-husband was still on her nomination form. Family had to contest. Nightmare for all involved'”.
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