💼💍 *Attention Couples: Crucial Pension Advice from Martin Lewis!* 📋💡
Are you and your partner planning your financial future? Martin Lewis has shared some vital tips for couples when it comes to securing your pension! Many of us might overlook an essential step in the pension setup—so here’s what you need to know!
🖋️ **Expression of Wishes**: When you set up a workplace pension, you fill out an “expression of wishes” form, also known as a nomination form. This is a crucial document instructing your pension provider on who should receive your savings if you pass before retirement. While it’s not legally binding, providers take it into account.
💔 New marriage? Make sure to update this form. If your ex-partner is still listed, they might receive your pension, regardless of your current relationship status.
🏡 **Beyond Pensions**: Don’t forget about your will! In England, Wales, and Northern Ireland, marriage revokes any existing will. So, set up a new one to protect your estate.
⚖️ **Lasting Power of Attorney (LPA)**: Martin Lewis emphasizes the importance of an LPA, saying it could be even more crucial than a will. If your partner becomes incapacitated, an LPA allows you to manage their affairs—which doesn’t happen automatically just because you’re married.
💒 **Tax-time Perks of Tying the Knot**: Marriage has its financial perks! Take advantage of:
– **Inheritance Tax Allowances**: Passed unused allowances can significantly reduce what’s taxed after one partner’s passing.
– **Marriage Allowance**: Allows one partner to transfer a portion of their allowance to the higher-earning spouse.
Secure your future by keeping your financial records up to date. Not only does it bring peace of mind, but it also ensures that your hard-earned money benefits the right people in times of need. 💰📚❤️
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