More than 800,000 pension savers tried to trace an estimated £31bn in ‘lost pensions’ in 2025, according to a Freedom of Information request.
Some 834,315 people contacted the Pension Tracing Service last year to try to track down lost pension pots, according to analysis of Freedom of Information data from the Department for Work & Pensions submitted by pension-finding fintech Raindrop.
DWP figures revealed that 770,000 people submitted an online query to the Pension Tracing Service during 2025 with a further 66,000 contacting the service via phone.
Research from the Pensions Policy Institute (PPI) reveals that £31.1bn is estimated to be sitting in lost pension pots, with almost 3.3m ‘lost pots’ in the UK, with an average value of nearly £9,500.
Raindrop says the figures suggest millions of people are still yet to track down their lost pension pots. It has urged financial providers to offer customers access to pension-tracing tools to, “tackle the lost pots issue and prevent a future retirement shortfall.”
The company says that by 31 October this year the majority of pension scheme providers will need to connect to The Pensions Regulator’s Pensions Dashboards which are due to launch to the public later this year.
However, the dashboard launch has previously been postponed and there have been concerns raised by the industry on its expected accuracy and lack of support for savers looking to consolidate pots.
Vivan Shridharani, co-founder at Raindrop, said: “Tracing lost pensions has long been a time-consuming and often fruitless process for savers - tools such as the Pension Tracing Service and those offered by financial providers play a vital role in empowering savers to track down lost pots.
“However, take-up amongst savers remains fairly low meaning billions remain in lost pots slowly eroding in value and putting their financial future at risk."
Raindrop works with a number of financial providers including Aegon, AJ Bell and Monzo to help their customers to track down any lost or forgotten pensions. Since launch, Raindrop says it has found more than £1bn from over 103,000 pensions using its pension-tracing technology with over £675 million tracked down in 2025. Raindrop was launched in 2020.
This story was updated on 13 April following a correction to the original press release published by Raindrop which mistakenly claimed that the total number of people that used the Pension Tracing Service last year was 839k instead of the correct figure of 834k.