Raindrop, a UK-based pension-finding platform focused on reconnecting savers with forgotten retirement assets, has reunited customers with more than £1bn in lost pension pots since its launch.
The company’s progress comes as millions of savers struggle to keep track of retirement savings built up over multiple jobs. The growing problem of pension fragmentation, combined with low levels of financial planning for later life, has increased the risk of pots being forgotten entirely, leaving billions sitting idle across the pensions ecosystem.
Founded to address this challenge, Raindrop provides pension-finding technology that enables financial providers and advisers to help customers locate lost pensions quickly and efficiently. Since launch, the platform has recovered more than 100,000 individual pension pots, each with an average value exceeding £11,000, returning hard-earned savings to their rightful owners.
Raindrop already collaborates with some of the UK’s largest pension providers and financial institutions, including Aegon, AJ Bell, Standard Life and Monzo.
Raindrop co-founder and CCO Vivan Shridharani 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.”
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