Martin Lewis urges anyone with a private or company pension to act now | Personal Finance | Finance

Financial expert has issued a warning to holders of private or company pensions.

He advises swift action to evade potential financial mishap amid the current cost of living crisis.

On Monday, Martin told people to make sure their pension beneficiary detauks are up to date or face risking dire consequences.

He stressed that pensions aren’t covered by wills and require a nominated beneficiary, reports the Mirror.

On X, he wrote: „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.“

In another helpful tip from his website, Martin has issued a warning to pet owners of a potential fine of £500.

From June 10, cat owners are legally required to microchip their feline friends aged over 20 weeks. Those who fail to comply within 21 days of the law’s introduction could be slapped with a hefty £500 fine.

According to MoneySavingExpert (MSE), a worrying 20% of cats still roam without being microchipped. The MSE team highlighted in their latest newsletter: „It costs £10 to £30 at many vets… or sometimes it’s offered for free by animal rescues and councils.“

A microchip, roughly the size of a grain of rice, is implanted under the pet’s skin, typically between the shoulder blades. This chip carries a unique number that reveals the owner’s contact information when scanned, ensuring lost or injured cats can be returned home if they end up at a vet’s clinic.

The advocacy group Cats Matter emphasised the critical nature of microchipping, stating it „could be a matter of life and death“ and significantly boosts the odds of reuniting lost cats with their families.

They added: „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.“

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