Martin Lewis has issued a stark warning to anyone with a private or company pension, urging them to take action to avoid a potential financial mishap. The money-saving expert, who is renowned for his savvy financial advice and tips, has highlighted the importance of this issue amidst the current cost of living crisis.
On Monday, Martin reiterated an essential tip on social media, cautioning individuals that failing to update their pension beneficiary details could result in unintended consequences. He stressed that pensions are not covered by wills and must have a nominated beneficiary.
His tweet on X read: "Warning. Don't accidentally leave your pension to your ex! 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. Fill one in (your provider should have them). If you have, but years ago check it's up to date or as I was told....Colleague's ex-husband was still on her nomination form. Family had to contest. Nightmare for all involved."
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Elsewhere, Martin's MoneySavingExpert.com website has also issued another warning - this time to to pet owners who risk a £500 fine.
As of June 10, cat owners must get their pets microchipped and registered on a database. This applies to cats over the age of 20 weeks of age, or five months old. Once the law comes in, you'll have 21 days to get your cat microchipped - or face a fine of up to £500.
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MSE says it’s estimated that 20% of cats are not microchipped. Writing in the latest MSE weekly newsletter, the MSE team said: “It costs £10 to £30 at many vets… or sometimes it's offered for free by animal rescues and councils.”
A microchip is generally around the size of a grain of rice and this is inserted under the skin of a pet, usually between their shoulder blades. The microchip has a unique serial number that, when scanned, contains their owner's details. It means if a cat gets lost or injured, and they're handed in to a vet, the microchipped can be scanned so the vet can contact their owner.
Cats Matter said microchipping your pet "could be a matter of life and death" and increases the chance of lost cats being reunited with their owners. They continued: "We simply want cats to have the assurance of a voice when they are beyond their owners four walls, and we want cat owners to be given the very best chance of being reunited should they become separated from their cat for whatever reason.
"We urge people to act now to prevent a hefty fine. Microchips may be low cost or even free as rescues offer incentives to beat the deadline, and some will offer year round discounts to those on low incomes, so do check with your local rescue centre."