Martin Lewis issues urgent warning to anyone with a pension

Money-saving guru Martin Lewis has issued a clear-cut warning to all those with private or company pensions due to the potential 'nightmare' lurking in this area. Martin, widely recognised for his informed financial advice and tricks of the trade, has highlighted the matter amid the ongoing cost of living crisis.

Martin used social media on Monday to alert individuals that neglecting to update their pension beneficiary information could lead to undesired outcomes. He underscored that wills do not encompass pensions - these need a specified beneficiary.

His social media post on X said: "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.

"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.... Colleague's ex-husband was still on her nomination form. Family had to contest. Nightmare for all involved."

Additionally, Lewis' platform MoneySavingExpert.com has sent out another caution - addressing pet owners who might be facing a £500 fine. From June 10, cat owners are required to ensure their feline friends are microchipped and registered on an official database if they are over 20 weeks old. Failure to comply within 21 days could result in a hefty fine of up to £500, reports the Mirror.

According to MSE, it's believed that around one-fifth of cats currently lack microchipping. The MSE team highlighted in their latest newsletter: "It costs £10 to £30 at many vets... or sometimes it's offered for free by animal rescues and councils."

A microchip, which is about the size of a grain of rice, is implanted under the pet's skin, typically between the shoulder blades. This chip carries a unique number that reveals the owner's contact information when scanned, ensuring that lost or injured cats can be returned to their homes if taken to a vet. The organisation Cats Matter emphasised the critical importance of microchipping, stating that it "could be a matter of life and death" and significantly improves the odds of lost cats being reunited with their families.

They added: "We simply want cats to have the assurance of a voice when they are beyond their owners' four walls and we want cat owners to be given the very best chance of being reunited should they become separated from their cat for whatever reason.

"We urge people to act now to prevent a hefty fine. Microchips may be low cost or even free as rescues offer incentives to beat the deadline, and some will offer year round discounts to those on low incomes, so do check with your local rescue centre."