Pension-finding platform Raindrop recovered £251 million worth of lost UK pensions in 2024, but said this is “the tip of the iceberg” with billions still in limbo.
Last year’s recovery figure marks a 61 percent increase from the £156 million traced in 2023, which brings the total recovered since the platform’s launch in 2020 to £460 million.
More than 18,000 lost pensions were retrieved in 2024, with an average value of close to £14,000. The total number of missing pots found by the service now stands at 43,000.
The platform has been able to increase its pension discovery efforts thanks to partnerships with banks, pension providers and financial advisers including Monzo, Standard Life and AJ Bell.
These partnerships have given around 35,000 customers access to its pension-finding tool. More provider collaborations are in the pipeline, suggesting millions more savers could benefit from the service.
And there are a lot more lost pensions still to find. Pensions Policy Institute (PPI) research estimates there is £31.1 billion stashed away in nearly 3.3 million lost UK pension pots.
Vivan Shridharani, co-founder and 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.”
Shridharani said the platform was investing in its technology to extend the API and AI capabilities to meet increased customer demand for simple, pension-tracing technology.
