Martin Lewis issues word of warning to anyone with a private or company pension

Kate Lally & Nicola Roy

15 May 2024 at 4:20 am·2-min read

Martin Lewis has issued a stark warning to anyone with a private or company pension in the UK.

The money-saving expert, renowned for his savvy financial advice, is urging people not to overlook an important detail that could have significant implications. With the cost of living crisis biting hard, his guidance is more crucial than ever.

Earlier this week, he reiterated an essential tip, reminding people that failing to act could result in accidentally leaving pension funds to an ex-partner. He stressed that nominations for workplace or private pensions must be made separately, and cannot be included in a will.

In a post on X, Mr Lewis alerted: "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..", reports the Liverpool Echo.

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

Each pension provider has their own expression of wishes form, which designates who the beneficiaries of your pension will be if you pass away before drawing it. By filling out the form, you can dictate who will receive what.

The finance expert also urged recently everybody aged 73 or under who receives a pension to make sure they are getting the maximum amount, in this week's edition of his MoneySavingExpert newsletter.

He noted that “while ‘boosting your State Pension' doesn't sound sexy, it's the most lucrative thing many can do with their money”.

However, it's important to remember his steps will only apply to those claiming, or due to claim the New State Pension in the future - men born after April 5, 1951 and women after April 5, 1953.

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