Martin Lewis issues warning over pension mistake that could mean your ex gets your cash

Martin Lewis has offered advice about pensions
Martin Lewis has offered advice about pensions -Credit:ITV

Consumer guru Martin Lewis is urging anyone with a pension not to make a mistake that could result in your ex-partner getting your money.

The warning is for anyone with a private or company pension in the UK. Martin, known for his savvy money saving tips, has reiterated crucial advice amidst the current cost of living crisis.

He has reminded his followers of an important tip regarding pensions and the potential pitfalls if not managed correctly. He said that significant sums of money could inadvertently be left to an ex-spouse if proper measures aren't taken.

He stressed that workplace or private pensions are not covered by a will and instead require a separate beneficiary nomination. Sending out a warning on social media, he explained how the mistake could have an impact on your household, reports the Liverpool Echo.

In a post on X, he 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."

He advised: "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.."

He shared a cautionary tale to underline his point: "'Colleague's ex-husband was still on her nomination form. Family had to contest. Nightmare for all involved'".