Pension-Finding Platform Raindrop Reunites Customers with £251 Million in Lost Pension Pots Last Year

  • Infrastructure
  • 22.01.2025 10:35 am

Pension-finding platform, Raindrop reveals a year of strong growth with £251m recovered in lost pension pots for customers in 2024.

This marks a 61% increase in the number of lost pension pots the Raindrop solution located in 2023, when it traced £156 million. Since launch, Raindrop has found over £460 million in lost pots.

During 2024, Raindrop located over 18,000 lost pots for UK savers, with an average pot value of nearly £14,000. This takes the total number of pots found to 43,000 since launch.

Raindrop announced a number of new partnerships over the last 12 months – now working with Monzo and Standard Life to enable their customers to access its pension-finding solution.

Through these partnerships with some of the UK’s largest financial providers, almost 35,000 pension savers have already accessed Raindrop’s solution and are tracking down their lost pots. As these solutions are increasingly rolled out with existing clients and Raindrop partners with more providers, millions of savers will have access to the solution.

As eight in ten (81%) working-age adults admit they aren’t sure where all their pension pots are and a fifth (19%) are really concerned they don’t have enough saved for retirement, it is vital that savers locate lost pots.

Recent 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.

Vivan Shridharani, Co-Founder & CCO at Raindrop, said: “With millions of savers having lost pension pots over their working life, we are proud to have recovered £251 million in missing pots during 2024 to empower them to take control of their retirement savings.

“However, this is just the tip of the iceberg, there are billions still sitting unclaimed and we will continue to work with some of the largest financial providers to reunite their customers with lost pots.

“We’re investing in our engineering operations to extend our API and AI capabilities to meet increased customer demand for simple, pension-tracing technology that empowers savers and supports with pot consolidation.”

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

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