Standard Life, part of Phoenix Group, has teamed up with Raindrop to launch a free pension-finding service, addressing the issue of missing pension pots. Research reveals that 19% of people with multiple pensions believe they’ve lost track of at least one, while 73% have not consolidated their pensions. The new tool simplifies the process, making it easier for people to regain control of their pension savings and better prepare for retirement.
- Nearly a fifth of people with multiple pensions believe they’ve lost track of at least one, contributing to an estimated £26.6bn in unclaimed pensions in the UK.
- 32% of people are unsure how to start consolidating pensions, and 12% find the process too difficult.
- Standard Life’s new tool, powered by Raindrop, streamlines the pension-finding process, requiring only an employer’s name and employment period to locate lost pensions.
