Standard Life, part of Phoenix Group and the UK’s largest long-term savings company, has teamed up with Raindrop, a FinTech firm specialising in innovative pension-finding technology.
This collaboration aims to address the widespread issue of lost pensions in the UK, offering a free pension finding service that simplifies the tracing process for individuals.
The initiative arises from concerning statistics revealing that a significant portion of the population with multiple pensions has lost track of at least one pension pot. This problem is compounded by the difficulty many face in consolidating their pensions, with 32% unsure of how to start and 12% finding the process too daunting.
Once registered with Standard Life, users need only provide the name of their employer and the period of employment. Raindrop’s technology handles the rest, potentially tracing pensions in just 4-6 weeks. A dedicated case manager provides updates throughout the process, aiding pension savers in gaining a comprehensive understanding of their retirement savings.
Raindrop has proven its efficacy in the pension sector, having located over £325m in lost pension savings across more than 27,000 pots since the launch of its platform.
In a recent statement, Dean Butler, managing director of Retail Direct at Standard Life, said, “We know that people who actively plan for their retirement are more confident and financially secure but if you don’t know where all your savings are, you can’t begin to calculate their value, making planning unnecessarily difficult. Sometimes people have a vague idea of having a pension with a previous employer but then just don’t know how to go about finding it.
“Our new pension finding service removes the major hurdles that people face and allows them to regain control of their pensions savings. We want to help them trace any missing pensions, so they don’t ever lose them again and are better prepared to organise their retirement savings.”
Vivan Shridharani, co-founder & CCO at Raindrop, said, “Millions of UK savers have lost pensions, often unsure of how to begin their search. As each new generation has more jobs than the last, the number of lost pensions continues to grow. We’re committed to helping savers, with a simple solution to easily find their lost pensions and help them better prepare for their financial future.
“By partnering with Standard Life, one of the UK’s largest pensions providers, we hope to empower savers to locate lost pots and take control of their long-term financial planning.”
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