Martin Lewis is issuing an urgent warning to anyone with a private or company pension

Martin Lewis has issued a stark warning to people with private or company pensions, urging them to take steps to avoid a potential financial crash. The money saving expert, who is renowned for his smart financial tips and advice, highlighted the importance of this issue in the context of the current cost of living crisis.

In a recent social media post, Lewis warned people that not updating their pension beneficiary details could have unintended consequences. He pointed out that pensions are not covered by wills and must have a designated beneficiary.

As reported by the Mirror, Lewis’ post on X read: “Warning. Don’t accidentally leave your ex’s pension! You CANNOT leave retirement savings in a will. You die before you get your private/company pension and the provider/trustees decide what to do with it.

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“A wish (or nomination) form tells them your preferences. Fill one out (your provider should have them). If you have but years ago check it’s up to date or as I was told….Former colleague…husband was still on her nomination form. The family had to compete for everyone involved.

Elsewhere, Martin’s MoneySavingExpert.com has issued another warning – this time for pet owners who face a £500 fine. From June 10, it will be mandatory for cat owners to have their pets microchipped and registered in a database.

This law applies to cats that are over 20 weeks or five months old. Once the law comes into effect, you will have 21 days to get your cat microchipped – failure to do so could result in a fine of up to £500.

According to Money Saving Expert (MSE), an estimated 20% of cats are not microchipped. In the latest MSE weekly newsletter, the team said: “It costs between £10 and £30 at many vets… or is sometimes offered free by animal rescues and councils.”

A microchip, usually the size of a grain of rice, is inserted under the pet’s skin, usually between the shoulder blades. The microchip contains a unique serial number which, when scanned, reveals the owner’s details.

This means that if a cat gets lost or injured and is taken to a vet, the microchip can be scanned, allowing the vet to contact the owner.

Cats Matter pointed out that microchipping your pet “could be a matter of life and death” and increases the likelihood that lost cats will be reunited with their owners. They added: “We simply want cats to have the security of a voice when they are away from their owners, and we want cat owners to be given the best chance of being reunited if they are separated from their cat , regardless of the reason.

“We are urging people to act now to prevent a huge fine. Microchips can be cheap or even free, as rescues offer incentives to beat the deadline, and some will offer year-round discounts to those on low incomes, so check with your local rescue. center.”