The money-saving expert warned people could accidentally miss out
Howard Lloyd Regional content editor
10:54, 05 Mar 2026Updated 10:54, 05 Mar 2026
Martin Lewis urged people to check their pensions now(Image: ITV)
Martin Lewis has issued a stark warning to individuals that could potentially cost them thousands. The financial expert was discussing pensions on his programme, the Martin Lewis Money Show Live.
Pensions are pivotal in ensuring individuals have sufficient funds for retirement. The full rate of the new State Pension is £230.25 per week, equating to roughly £12,000 annually. The State Pension age increased to 66 by 2020 and is set to rise to 67 between 2026-2028.
The bare minimum required for retirement is estimated at £13,400, or £21,400 for a couple. A moderate lifestyle is believed to require £31,700 or £43,900 for a couple, whilst a comfortable retirement is estimated to cost around £43,900, or £60,600 for a couple.
For this reason, whilst the State Pension is a valuable contribution towards these figures, having your workplace pension organised is also crucial. On his show, Mr Lewis expressed surprise at the number of people making a basic error, reports Lancs Live.
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This mistake concerns who would inherit your pension should you pass away. Given that the average pension pot for Brits aged between 65-74 stands at £145,900, it could prove a costly error if the wrong person is nominated.
Mr Lewis clarified: “Don’t accidentally leave your pension to your ex, and a will will not fix this.
“Most private or company pensions, they sit outside of your will. It is the pension provider or the trustees of the pension who decide where your assets go, where your pension goes if you die.
“Now you can tell them what you would like to happen. The form is called an ‘Expression of Wishes’ form or a ‘Nomination’ form – they’re the same thing. You often do it when you first signed up for the pension, but you might not remember you did it. But you need to ensure that it’s up to date. Ensure that you’ve done it. You would be staggered by the amount of times I hear of people shocked that their ex or someone’s ex-partner got it.
“So, one of your pieces of homework today after watching everyone: go onto your pension provider’s website, have a look for the ‘Nomination’ form or the ‘Expression of Wishes’ form, and just check that the right person for you is nominated.”
His colleague, Angellica Bell, then shared an example of someone who was married to somebody who had died but hadn’t got their paperwork sorted.
She said: “Just listen to this and you’ll get why this is so important. Okay, Sandra tweeted in. Sandra: ‘I was left an annuity in a Will, but not nominated with the company, so it has gone to my deceased partner’s ex-wife. He would be spinning in his grave if he knew’.”
Legal and General defines an Expression of Wishes as ‘a document which accompanies your will and provides guidance to the people dealing with your estate after you’ve passed away’.
However, it states: “Unlike a will, a letter of wishes is not legally binding, and the executors are not legally obliged to follow any requests made in the letter. Therefore, if you wish to ensure that certain personal possessions go to certain beneficiaries, perhaps because these items have sentimental value, this should be dealt with in your will.”