Pension-Finding Platform Raindrop Has Reunited Savers With £500 Million in Lost Pension Pots

Pension finding platform, Raindrop has recovered £500 million in savings from almost 45,000 lost pension pots for savers since launch.

This follows a strong year of growth for Raindrop – during 2024, Raindrop’s technology recovered £251 million in lost pension pots, a 61% increase on the £156 million found in 2023.

During 2024, Raindrop tracked down over 18,000 lost pots for UK savers, with an average pot value reaching nearly £14,000. Since launch the largest individual pot uncovered by Raindrop had a total value of £656,000.

Currently, eight in ten (81%) working-age adults admit they aren’t sure where all their pension pots are with a fifth (19%) really concerned they don’t have enough saved for retirement. By locating lost pension funds, savers can access a much-needed boost of funds to bolster their retirement savings.

Indeed, recent research from the Pensions Policy Institute (PPI) revealed that £31.1 billion is estimated to be sitting in lost pension pots – with almost 3.3 million lost pots in the UK, with an average value of nearly £9,500.

Raindrop works with pension providers and financial institutions, 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 these solutions are increasingly rolled out with existing clients and Raindrop supports more providers, millions of savers will have access to the pension finding platform.

Vivan Shridharani, Co-Founder & CCO at Raindrop, said: “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.”

Raindrop’s pension finding technology enables savers to locate lost pots. Raindrop works with banks, pension providers and financial advisers including AJ Bell and Standard Life.