Eight out of 10 working age adults say they do not know how to locate all their pension savings, according to new research.
The survey, by fintech pension platform Raindrop, says these findings also show a fifth of adults in this age group are concerned they have not saved enough for retirement. This figures rises to one in four (25 per cent) of those aged 35-54, with many in this age group saying their financial priorities have been a mortgage or family.
In total the survey found that just 19 per cent of people are confident they could locate all their pension savings.
This survey comes as recent research from the Pensions Policy Institute found than almost £31.1bn is estimated to be sitting in lost pension plans. It says there are almost 3.3m lost pension pots in the UK, with an average value of almost £9,500.
Raindrop is a new platform, founded in 2020, focused on helping people track down lost pension pots. In October this year it partnered with the retail arm of Standard Life, to help customers track down lost pension savings. It also has a partnership with digital bank Monzo, to help customers find pensions and combine them into Monzo’s new Sipp, being managed by BlackRock. It also has a partnership with AJ Bell.
Raindrop was co-founded by Vivan Shridharani, who is now the company’s CCO, who previously worked at the investment bank PGT Partners before helping launch this new enterprise.
Shridharani says: “Millions of savers have lost pension pots putting their retirements at risk. Due to financial pressures, people are forced to either delay their retirements or significantly alter the lifestyle they had planned yet there are still millions of pension pots sitting unclaimed. Locating all previous pension pots should be the first step savers take to boost their retirement incomes and maximise the value of the pots they’ve already built up.
“However, tracking down old pots is often incredibly complicated and time consuming. Savers desperately need a simple pension finding solution that locates lost pots, puts them in control of their retirement savings and boosts their future financial security.”
Since launch Raindrop claims to have located over £350m in lost pension savings across more than 32,000 pots.