Pension-finding platform Raindrop has helped UK savers recover more than £1 billion in lost pension savings since its launch, the company confirmed today.
Working with major providers including Aegon, AJ Bell, Standard Life, and Monzo, Raindrop’s technology has located more than 100,000 missing pension pots — each averaging over £11,000 — on behalf of customers who had lost track of their workplace savings.
The milestone comes as new data highlight the growing scale of unclaimed pension assets. According to research from the Pensions Policy Institute, around £31.1 billion is estimated to be sitting in lost pension pots across the UK. Almost 3.3 million pension accounts remain unclaimed, with an average value of £9,500.
Separate research by Pensions UK and the Association of British Insurers found that fewer than one in three (29%) UK adults have organised their finances for later life — a trend contributing to the persistence of lost savings.
Raindrop’s platform uses an automated pension-finding system integrated with participating providers to match customers to their forgotten pots. The company says the process is designed to reduce the complexity of traditional pension tracing, which often requires multiple paper-based checks and lengthy transfer procedures.
Vivian Shridharani, Co-Founder and Chief Commercial Officer at Raindrop, said: “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.”
As Raindrop expands its partnerships and integrates with new platforms, the company expects to help recover millions more in lost savings over the coming years.
