Raindrop, a pension finding platform, has recovered £500 million in savings from almost 45,000 lost pension pots for savers since its launch.
Last year, it recovered £251 million in lost pension savings, up from £156 million in 2023. This is equivalent to more than 18,000 pots, with an average value of nearly £14,000. The largest pot uncovered to date was worth £656,000.
Raindrop works with banks, pension providers, and advisers like AJ Bell and Standard Life to help people find lost pension pots. It also enables these organisations to offer pension tracing tools to their customers.
A Raindrop study found that 81 per cent of working-age adults don’t know where all their pension pots are, and 19 per cent are concerned they haven’t saved enough for retirement. The Pensions Policy Institute (PPI) estimates £31.1 billion is tied up in 3.3 million lost pots in the UK, with an average value of £9,500 each.
Raindrop co-founder & CCO Vivan Shridharani says: “There is huge appetite amongst savers to track down their lost pension savings and there are tens of billions of pounds sitting in pots waiting to be reclaimed.”
“Millions of savers have lost track of their retirement savings – our collaborations with some of the UK’s largest financial providers empowers savers to take control of their financial future and ensure they have access to all their savings.”
“As more providers integrate our simple tech solution, we will be able to enable millions more UK savers to be reunited with their lost pension pots.”
