diff --git a/lib/dalli/protocol/value_serializer.rb b/lib/dalli/protocol/value_serializer.rb
index f1e3cd87..5136c748 100644
--- a/lib/dalli/protocol/value_serializer.rb
+++ b/lib/dalli/protocol/value_serializer.rb
@@ -42,9 +42,22 @@ def store(value, req_options, bitflags)
       NAME_ERR_STR = 'uninitialized constant'
       # rubocop:enable Layout/LineLength
 
-      def retrieve(value, bitflags)
+      def retrieve(value, bitflags) # rubocop:disable Metrics/MethodLength
         serialized = (bitflags & FLAG_SERIALIZED) != 0
-        serialized ? serializer.load(value) : value
+        if serialized
+          if serializer.is_a?(Marshal)
+            begin
+              serializer.load(value)
+            rescue StandardError => e
+              raise UnmarshalError, "Unable to unmarshal value: #{e.message}"
+            end
+          else
+            # Use Dalli's existing exception filtering for deserialization when not using Marshal to serialize.
+            serializer.load(value)
+          end
+        else
+          value
+        end
       rescue TypeError => e
         filter_type_error(e)
       rescue ArgumentError => e
diff --git a/test/protocol/test_value_serializer.rb b/test/protocol/test_value_serializer.rb
index ef73ccc0..8b7d002d 100644
--- a/test/protocol/test_value_serializer.rb
+++ b/test/protocol/test_value_serializer.rb
@@ -158,6 +158,7 @@
 
     describe 'when the bitflags specify serialization' do
       it 'should deserialize the value' do
+        serializer.expect :is_a?, true, [Marshal]
         serializer.expect :load, deserialized_dummy, [raw_value]
         bitflags = rand(32)
         bitflags |= 0x1