Pension-finding platform Raindrop has partnered with some of the UK’s largest financial providers to locate more than £1 billion in lost pension savings for UK savers since its launch.
Raindrop’s technology has reunited over 100,000 individual pension pots, with an average value exceeding £11,000.
According to the Pensions Policy Institute, £31.1 billion remains in lost pension pots across the UK, with almost 3.3 million unclaimed pots averaging nearly £9,500 each.
Additionally, analysis from Pensions UK and the Association of British Insurers found that fewer than one in three or 29% UK adults have arranged their finances for later life, compounding the impact of lost pots.
Raindrop currently works with major pension providers and financial advisers, including Aegon, AJ Bell and Standard Life, to help savers reclaim their lost pensions.
Raindrop Co-Founder & CCO Vivan Shridharani says: “This is just the tip of the iceberg – there are still billions in lost pension savings waiting to be found.
“Savers need simple solutions to reunite them with their lost pots as the current pension finding process is overly complicated. By joining forces with the UK’s largest financial providers, our innovative pension-finding tech is empowering millions of savers to track down their pots and take control of their retirement savings.
“Providers can leverage Raindrop’s simple tech solution to streamline the pension transfer and consolidation process making it easier than ever for customers to locate lost pots and giving them the option to bring their pension savings together if they choose.”
