Don’t Accidentally Leave Your Pension to Your Ex!
As the cost of living crisis continues to affect millions of people in the UK, it’s more important than ever to make sure you’re making the most of your hard-earned cash. That’s why I want to share a crucial piece of advice from finance guru Martin Lewis, founder of Money Saving Expert.
Pensions and Ex-Spouses: A Warning
Did you know that your private or workplace pension can’t be left to someone in your will? It’s a common misconception that could end up costing you - or your loved ones - dearly. According to Martin Lewis, you need to nominate a beneficiary separately for your pension. If you don’t, the provider or trustees will decide what to do with your pension pot when you pass away.
“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.” - Martin Lewis
The Importance of an Expression of Wishes Form
So, how can you ensure that your pension goes to the right person? The answer lies in an expression of wishes (or nomination) form. This document tells your pension provider who you want to inherit your pension. It’s essential to fill one in, and make sure it’s up to date.
Martin Lewis shares a cautionary tale about a colleague whose ex-husband was still listed on her nomination form years after their divorce. The family had to contest the decision, leading to a nightmare for all involved.
Take Control of Your Pension
Don’t let your pension fall into the wrong hands. Take control of your financial future by filling in that nomination form today. Remember, it’s not just about you - it’s about ensuring that your loved ones are protected too.
Plan for your future
The Bottom Line
In these uncertain times, it’s more important than ever to take control of your finances. By following Martin Lewis’ advice and taking the necessary steps to secure your pension, you can rest assured that your hard-earned cash will go to the right person.
Take control of your finances
