BIZ Experiences UK's London 100: Raindrop Raindrop helps UK savers reconnect with lost pensions, recovering over £500 million by partnering with leading financial institutions to tackle the £31.1 billion missing pot problem
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Industry: Fintech
Pension funding platform, Raindrop, partners with banks, pension providers, and financial institutions, such as AJ Bell and Standard Life, to reunite their customers with lost pension savings.
This is a major issue across the UK – recent research from the Pensions Policy Institute (PPI) revealed that £31.1b is estimated to be sitting in lost pension pots – with almost 3.3 million lost pots in the UK, with an average value of nearly £9,500.
Raindrop initially offered a Self-Invested Personal Pension (SIPP) for self-employed workers but pivoted to launch a pension-finding service after discovering many customers had lost track of previous pensions.
Since launch, Raindrop has recovered £500 million in savings from almost 45,000 lost pension pots for savers.
