Standard Life has successfully reunited customers with £50m in lost pension savings within five months of launching its partnership with pension-finding platform, Raindrop.

Since launching the tracing tool with Raindrop, 2,900 Standard Life customers have been able to track down 3,000 lost pension pots.

It comes as recent research by the Pensions Policy Institute (PPI) found that £31.1bn is estimated to be sitting in lost pension pots in the UK.

With the average British adult likely to have at least 11 jobs during their working lifetime, Standard Life said that this figure is likely to rise.

With employees regularly changing jobs or moving address without updating their pension provider, 81% of working-age adults are unsure where all their pension pots are, whilst 19% are really concerned they do not have enough saved for retirement.

As a result, savers are increasingly at risk of losing their retirement savings and need support locating, and if necessary, consolidating their pensions.

Since its launch, Raindrop has located over £500m in lost pension savings across almost 45,000 pots.

Managing director for retail direct at Standard Life, Dean Butler, said: "Losing track of your pension savings can happen unintentionally, particularly if you change jobs and move to an employer with a different pension provider.

"The good news is that finding them again doesn’t have to be difficult – the success of our partnership with Raindrop shows how technology can simplify the process, quickly helping people to reconnect with their hard-earned savings. It’s good to see how digital innovation and this partnership is giving people a clearer view of their potential retirement income and greater confidence in their financial future."

Co-founder and chief operating officer at Raindrop, Vivan Shridharani, added: "This is just the tip of the iceberg – millions of UK savers have lost track of pension pots and need support taking control of their retirement savings.

"The fact that our tool has tracked down £50m in lost pension savings in just a few months demonstrates the appetite for a simple pension-finding solution – there are billions still sitting in lost pots waiting to be reunited with savers to enable them to plan for a better financial future."

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