Martin Lewis' stark warning to everyone with a pension after budget announcement
ok.co.ukMartin Lewis has issued a warning to the millions of people across the UK who are paying into a pension. Many people across the country pay into a pension, either through their workplace or privately, to boost their income on top of the state pension in later life.
Some people assume that they can leave any money accumulated in their pension pots to a loved one in their will. However, this is not the case – as the consumer champion told viewers on The Martin Lewis Money Show Live earlier this week.
Martin told viewers that the only way to ensure that your pension goes to the person or people of your choice after your death is to complete an ‘Expression of Wishes’ form with your pension provider, which will nominate who you want your pension to go to if you pass away.
The financial journalist said: “You can’t put your pension in your will.” He continued: “If you want to leave your pension to someone, get on to your company or private pension and fill out an ‘Expression of Wishes’ or ‘nomination’ form which tells the trustees or tells the company who you want your pension assets to go to if you die.” He also urged viewers to check if their wishes are up to date, even if they have completed a form in the past, especially if their relationship status has changed in that time.
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