Martin Lewis, the renowned money expert, has issued a crucial warning urging individuals to perform a vital pension check to prevent their savings from inadvertently ending up with an ex-partner after their death. The check involves updating the 'expression of wishes' form for private or workplace pensions, which instructs pension trustees on who should receive the funds.
Why the Expression of Wishes Form Matters
Many people fail to update this form after significant life events such as divorce or separation. An outdated form could result in an ex-spouse or former partner being named as the beneficiary, even if the individual has since remarried or wishes to leave the money to someone else. Mr Lewis emphasised that this is a common oversight that can have serious financial consequences for loved ones.
How to Perform the Check
To avoid this, individuals should contact their pension provider to request a copy of their expression of wishes form. If the form is outdated, they can easily update it by completing a new one. This simple step ensures that pension savings go to the intended recipients, such as a current partner, children, or other family members.
Mr Lewis highlighted that this check is particularly important for those with multiple pensions from different employers, as each may have its own expression of wishes form. He advised making a list of all pensions and updating each form accordingly. The process is usually straightforward and can be done online or via post.
In addition to protecting savings from ex-partners, updating the form can also help avoid delays in the payment of benefits after death, as trustees will have clear instructions. Mr Lewis stressed that this is a free and quick check that everyone should undertake as part of their financial planning.
