Pension-finding platform, Raindrop has joined forces with some of the UK’s largest financial providers to track down over £1 billion in lost pension pot savings for UK savers since launch.  

In total, Raindrop’s pension-finding technology has recovered over 100,000 individual pots with an average value of over £11,000.

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

Research from Pensions UK and Association of British Insurers revealed that fewer than one in three (29%) UK adults have organised their finances for later life – this is exacerbating the impact of lost pots.

Raindrop’s pension finding technology already collaborates with some the UK’s largest pension providers and financial advisors including Aegon, AJ Bell and Standard Life to help savers reunite with lost pots.

As these solutions are increasingly rolled out with existing clients and Raindrop supports new providers, the technology will reunite millions of pounds in lost pots with savers.

Vivan Shridharani, Co-Founder & CCO 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.”