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.
“A statement of intent (or recommendation) form tells them your preferences. Fill it out (your provider should have one). If yes, but if it was years ago Please check if it’s a thing or what I was told… Coworker Her ex-husband was still on her recommendation form. It’s a nightmare for everyone involved.
Elsewhere, Mr Martin’s website MoneySavingExpert.com has also issued another warning – this time to pet owners who face a £500 fine.
From June 10th, cat owners will be required to microchip their pets and register them in a database. This applies to cats older than 20 weeks or 5 months. Once the legislation comes into force, cats will have 21 days to microchip their cats or face a fine of up to £500.
According to MSE, an estimated 20% of cats are not microchipped. In the latest weekly MSE newsletter, the MSE team writes: “Many vets will charge you between £10 and £30…or they may be provided for free by animal welfare groups and councils.
A microchip is usually about the size of a grain of rice. , inserted under your pet’s skin, usually between the shoulder blades. Microchips have a unique serial number that, when scanned, contains the owner’s details. This means that if a cat is lost or injured and handed over to a veterinarian, the microchip can be scanned and the veterinarian can contact the owner.
Cats Matter said microchipping a pet “could be a matter of life or death” and would increase the chances of a lost cat being reunited with its owner. They went on to say, “We just want cats to have the peace of mind that they have a voice even when they’re outside their owner’s four walls, and we want cat owners to have peace of mind that their cat has a voice even when they’re outside of their owner’s four walls. If we get separated, we want to give you the best chance of being reunited.” Cat. ”
“We are urging people to act now to avoid hefty fines.” Because emergency services offer incentives to meet deadlines, microchips can be cheap or free, and some services offer year-round discounts for low-income individuals. So check with your local rescue center