Pension-finding platform Raindrop reunited customers with £251m in lost pension pots last year, representing a 61 per cent increase on 2023, when it traced £156m.

Since its launch in 2021, the company has recovered a total of £460m from 43,000 lost pots, its latest update revealed.

However, Raindrop co-founder and chief commercial officer, Vivan Shridharani, claimed this was just “the tip of the iceberg”.

Recent Pensions Policy Institute (PPI) research revealed that £31.1bn 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.

In addition to this, previous research from Raindrop found that just over eight in 10 (81 per cent) working-age adults admit they aren’t sure where all their pension pots are, and a fifth (19 per cent) are really concerned they don’t have enough saved for retirement.

“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.

“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,” Shridharani added.

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