Martin Lewis, the Money Saving Expert, warns private pension holders to understand their options and stay updated on pension rules for better financial security
London: Martin Lewis, the founder of Money Saving Expert, has a crucial message for everyone with a private pension. He recently took to Twitter, now called X, to remind people to understand their pension pots and the rules surrounding them.
He said, “If you have a private pension or are an employee, take two minutes to watch this video. It covers the basics of what a pension really is.” He shared a clip from his ITV show to help explain.
Many followers had questions. One asked if they should invest extra cash into their workplace pension or their other private pension. Another wanted to know how to find and move old workplace pensions into their current one.
Someone else asked about consolidating multiple pensions after changing jobs. They wanted to know how to combine them into their current work pension. Another user was curious about the rules for taking tax-free cash from a SIPP.
Martin advised, “You should always get free guidance from Pension Wise. That’s what I’d do in your situation.” He encouraged everyone to seek help to make informed decisions about their pensions.
One user even asked how to convince their self-employed partner to invest in a SIPP, as they weren’t listening to their advice.
