A total of 839,000 people used the Pension Tracing Service in 2025 to locate lost pension savings, freedom of information data from the Department for Work and Pensions, analysed by Raindrop, has revealed.

The analysis showed that around 770,000 individuals made an online enquiry with the service during the year, while a further 66,000 contacted it by phone.

These findings reaffirmed research from Lubbock Fine, which found that calls to the government’s Pension Tracing Service rose by 58 per cent in the year to 30 September 2025.

Separate research from the Pensions Policy Institute has estimated that around £31.1bn is currently sitting in lost pension pots, spread across almost 3.3 million pots with an average value of around £9,500.

The figures suggested that millions of savers were yet to be reunited with their retirement savings, raising concerns about the potential impact on retirement outcomes if these funds remained unclaimed.

The latest data comes ahead of the connection deadline for pension providers to the dashboards ecosystem overseen by The Pensions Regulator, with most schemes required to connect by 31 October 2026.

Pensions dashboards are expected to launch to the public later this year, although industry stakeholders have raised concerns about data accuracy and functionality.

Raindrop co-founder and chief commercial officer, Vivan Shridharani, said tools such as the Pension Tracing Service played a “vital role” in helping savers track down lost pots, but warned that take-up remained relatively low, leaving billions at risk of erosion over time.

He added that providers offering integrated tracing tools could gain a competitive advantage, particularly as demand for simple solutions to reunite savers with their pensions grows, suggesting that partnering with fintech firms could offer a cost-effective way to deliver such capabilities.

Raindrop, which works with providers including Aegon, AJ Bell and Monzo, said it had identified more than £1bn in lost pensions since launch, including over £675m in 2025 alone.

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