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Raindrop, a pension finding platform, revealed it has recovered £500 million in savings from almost 45,000 lost pension pots for savers since its launch.
Last year, Raindrop found £251 million in lost pension savings, compared to £156 million in 2023. This is equivalent to more than 18,000 pension pots, with an average value of nearly £14,000.
Vivan Shridharani, co-founder at Raindrop, said the largest individual pot it had uncovered so far worth £656,000.
Shridharani said: “There is huge appetite among 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.”
Raindrop commissioned research from Opinium. It asked 2,000 people in November about their pensions and found that eight in 10 (81 per cent) working-age adults admit they aren’t sure where all their pension pots are, with a fifth (19 per cent) really concerned they do not have enough saved for retirement.
Raindrop has partnered with pension providers such as AJ Bell and Standard Life, to tackle the lost pots issue and enable providers to launch their own pension tracing solutions to customers.
“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,” Shridharani added.
According to the Pension Policy Institute, around £3.3million of these pots have been lost in the UK, worth on average around £9,470 each. However, in the 55-79 age bracket, they can be worth up to £13,620 per pension.
Pensions can also be tracked down manually on the government’s Pension Tracing Service.
