Martin Lewis issues stark warning to everyone with a workplace or private pension

dailyrecord.co.uk:

Martin Lewis has issued a stark warning to millions of people across the country who are paying into a workplace or private pension scheme.

According to figures from the Office for National Statistics (ONS), in April 2021 some 22.6 million employees across the UK were saving for their retirement through a workplace pension.

However, many people building a pension pot to help boost their State Pension in later life may be unaware that you cannot put a pension into your will.

The consumer champion told viewers of The Martin Lewis Money Show Live on Tuesday that the only way to ensure your private or workplace pension goes to the right people (or person), is to complete an ‘Expression of Wishes’ form with your employer.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.”And for people who already have those forms completed and attached to their pension, Martin urged them to make sure the information held is up to date - especially if your relationship status has changed.He said: “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.