Finance guru Martin Lewis, who is known for his tips and tricks to save people cash and to make sure nobody misses out on what they are owed, has issued a warning over pensions
Martin Lewis has issued a stark warning to anyone with a private or company pension, advising them to take action to avoid potential future issues. The Money Saving Expert, who is always on the lookout for ways to help people save and claim what they're entitled to, especially during the current cost of living crisis, has reiterated an important piece of advice.
He continued, stressing the need for an 'expression of wishes' or nomination form, which indicates your preferred beneficiaries to the pension provider. Martin urged everyone to fill one out and to double-check any existing nominations to ensure they are current, recounting a cautionary tale: "Colleague's ex-husband was still on her nomination form. Family had to contest. Nightmare for all involved.
Martin explains in a blog on the MSE website, that while the "concept is good, the issue is implementation" as monthly Direct Debits are based on an "estimate of usage". That means if estimates are wrong, you could end up overpaying for your energy usage and in turn have too much credit.
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