Billions estimated to be sitting in lost pension pots

A new survey has revealed that worryingly, as much as £31.1billion is estimated to be sitting in lost pension pots in the UK.

As many as 81% of working-age adults admit to being unsure where all their pension pots are.

The Raindrop research also found that 19% of people are concerned that they don’t have enough saved for retirement – this figure jumps to 25% for those aged 35-54.

Vivan Shridharani, co-founder and CCO at Raindrop, commented, “Millions of savers have lost pension pots putting their retirements at risk.

“Due to financial pressures, people are forced to either delay their retirements or significantly alter the lifestyle they had planned yet there are still millions of pension pots sitting unclaimed. Locating all previous pension pots should be the first step savers take to boost their retirement incomes and maximise the value of the pots they’ve already built up.

“However, tracking down old pots is often incredibly complicated and time-consuming. Savers desperately need a simple pension-finding solution that locates lost pots, puts them in control of their retirement savings and boosts their future financial security.”

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