Martin Lewis, founder of Money Saving Expert, has issued a stark warning to anyone with a pension: ensure your beneficiary details are up to date, or risk your ex-partner inheriting your savings. Unlike other assets, pensions cannot be left in a will, making it crucial to complete an 'expression of wishes' form with your provider.
Lewis explained 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!" He noted that many people forget they named their ex as a beneficiary when setting up the pension, and failing to update this could lead to unintended consequences.
Each pension provider has its own expression of wishes form, which designates beneficiaries if you die before drawing the pension. While not legally binding, the form guides the provider's trustees in distributing the funds. Lewis stressed: "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 form tells them your preference."
Lewis highlighted that many bereaved people have had to take former partners to court to claim a deceased's pension. He urged everyone to review their forms regularly: "And if you filled it in years ago, check it’s still up to date."
