Pensions urged to track down lost savings as | U.Okay.Finance News
Raindrop, a pension discovering platform, revealed it has recovered £500 million in savings from virtually 45,000 lost pension pots for savers since its launch.Last 12 months, Raindrop discovered £251 million in lost pension savings, in contrast to £156 million in 2023. This is equal to more than 18,000 pension pots, with an average worth of practically £14,000.Vivan Shridharani, co-founder at Raindrop, stated the most important particular person pot it had uncovered thus far price £656,000.Shridharani stated: “There is huge appetite among savers to track down their lost pension savings and there are tens of billions of pounds sitting in pots waiting to be reclaimed.“Millions of savers have lost track of their retirement savings — our collaborations with some of the UK’s largest financial providers empowers savers to take control of their financial future and ensure they have access to all their savings.”Raindrop commissioned analysis from Opinium. It requested 2,000 people in November about their pensions and located that eight in 10 (81 per cent) working-age adults admit they aren’t sure the place all their pension pots are, with a fifth (19 per cent) actually involved they don’t have enough saved for retirement.Raindrop has partnered with pension suppliers such as AJ Bell and Standard Life, to deal with the lost pots situation and allow suppliers to launch their own pension tracing options to clients.“As more providers integrate our simple tech solution, we will be able to enable millions more UK savers to be reunited with their lost pension pots,” Shridharani added.According to the Pension Policy Institute, round £3.3million of these pots have been lost within the UK, price on average round £9,470 every. However, within the 55-79 age bracket, they are often price up to £13,620 per pension.Pensions may also be tracked down manually on the federal government’s Pension Tracing Service.
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