What happens to your pension when you die? Martin Lewis explains all

What happens to your pension when you die? Martin Lewis explained all.Source: This Morning, ITV

Transcript

00:00 What happens to your pension if you die?

00:03 Well, so we're talking private and company pensions here.

00:07 The big thing is... Can you leave them to somebody?

00:10 Yeah, but not in your will, which is what everyone gets confused.

00:13 Pensions don't generally go in your will.

00:15 What happens is the trustees will decide who the money goes to.

00:18 Now, the important thing is you can do a thing called

00:20 an expression of wishes form or a nomination form.

00:23 Your pension provider will have it, it's normally on the website.

00:26 That tells the trustees who you would like it to go to.

00:29 It can't dictate, because it's the trustees who decide,

00:31 but it's a very strong indication.

00:33 My big tip, if you haven't done that recently or you've never done it,

00:37 go and make sure it's up to date,

00:39 because you do not want to leave your pension to your ex.

00:43 Right? People update their wills. Yeah.

00:45 They don't update their expression of wishes.

00:47 Or the person in the other bedroom.