Martin Lewis warns anyone with a pension 'don't accidentally leave it to your ex'
14.05.2024 - 10:53
/ manchestereveningnews.co.uk
Breaking up a long term relationship can often feel like a death, but how would it feel knowing that, after your own death, your former partner gets to inherit your hard-earned money? This is why Martin Lewis is urging anyone with a pension, and an ex to sign a simple form.
Anyone who does not tell their pension provider what their "expression of wishes" are around who gets to benefit from their retirement savings when they die, could end up with their money going to the very last person they would want it to go to. This is not the same as a will, as you cannot leave your pension as part of your estate.
Often, people will forget that they put their ex's name as a beneficiary when setting up their pension. Founder of Money Saving Expert, Martin Lewis, said on social media: "Have you told your pension firm who should get the money if you die? Don't accidentally leave it to your ex!"
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Each pension provider has their own expression of wishes form, which designates who the beneficiaries of your pension will be - if you die before drawing it. On that form you can dictate who gets what, as well as how much they get.
Filling these forms out can be important, as many bereaved people have reported to Martin Lewis that they were forced to take old ex's to court in order to benefit from their partner's pension.
Martin Lewis continued: "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. It’s not binding but it helps. And if you filled it in years ago, check it’s still up