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