MARTIN Lewis has issued an urgent warning about pensions that could see families lose thousands every year.
The consumer champion warned on the latest episode of ITV’s The Martin Lewis Money Show that you can’t put a pension in a will.
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If you want to leave your pension to someone, there’s an extra step to take.
You’ll need to fill out an expression of wishes or a nomination form which is found on your company or private pension.
This tells the company who you want your pension assets to go to if you pass away.
The money-saving expert said: “Go and do one of those if you haven’t and if you have, make sure it’s up to date.
“You don’t want to leave it to your ex-husband or ex-wife if you don’t want the money to go to them anymore, and you could well be doing that.”
Martin Lewis also warned that solicitor-drafted wills are the “gold standard”, and you should aim to do your will this way where possible.
If you die without a will, the state rather than you or your family will decide where your assets go.
But do note this varies depending on where in the UK you live.
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An example Mr Lewis gives is if you’re married with children, the first up to £270,000 of your assets will go to your spouse.
The rest will be divided between your spouse and each child you have.
Of course, to decide where you want money to go yourself, you’ll need to write a will.
Do note that if you get married in England and Wales, if you’ve made a will before that point, you’ll need to make another one.
Martin Lewis also suggest rewriting your will if your circumstances change, like if you split up from a partner.
You can get a free will if you book for an appointment this month at FreeWillsMonth.org.uk – but you’ll need to be aged 55 or above.
There’s also Free Wills October which can be accessible at different locations, including:
- Bristol
- Cardiff
- Essex
- Glasgow
- Leeds
- Liverpool
- London
- Newcastle
Elsewhere in Martin Lewis advice, the expert’s consumer site MoneySavingExpert revealed there’s a little-known site where you can buy groceries from 9p.
The site is Approved Food which sells products nearing their sell-by date.
Delivery starts at £3 for up to 25kg, but varies depending on where you live and the weight of your order.
Make sure to factor in the delivery charge before you make a purchase.
Of course if you’re buying items that are near or past their best before date you should bear in mind that they will need to be eaten pretty quickly.
