You are here reading this blog because you have realised how frustrating it is to trace and manage several scattered pension pots.
You recognise that you have had multiple workplace pensions with various pension providers due to auto-enrolment requirements for each new job. You become aware of this issue when important life events happen, such as marriage, divorce, starting a family, switching jobs or unemployment; events that make you question your financial future and stability, especially when retirement is close.
You're now trying to figure out how to trace the whereabouts of each pension pot you have for your retirement plan.
You've come to the right place. Raindrop's simple pension tracing technology helps people like you find their old pensions and have peace of mind. All you're required to do is fill in some basic information such as National Insurance number, address history, employment history and press 'Start'. The rest is taken care of for you.
Let's see in detail how Raindrop's pension tracing service works.
Why choose Raindrop's pension tracing service
You’ve filled in your details and pressed ‘Start’. Sit back and relax while Raindrop finds your pensions.
Once Raindrop's smart pension tracing service finds the contact details of your previous employers and pension providers, your dedicated pensions assistant takes over. They contact your pension providers on your behalf, tracing each pot for you and adding it onto Raindrop's dashboard. On this online dashboard, you have full 24/7 visibility of your hard-earned money, encouraging you to plan your retirement and stay in control of your finances.
The process of finding all your workplace pension pots takes around 4-6 weeks. We update you regularly while, in the meantime, you also have unlimited access to your Raindrop dashboard where you can check your pensions and the progress on your pension searches.
And if throughout this pension tracing process you find yourself lost in the process or filled with questions, your dedicated pensions assistant is available 24/7 for you. Our friendly customer care team provides a safety net for our customers, providing accessible pension support to anyone who needs it.
We add a human touch to our services and customer care, making pensions easy to understand and simple to manage. Please Note, our pension support team cannot provide financial advice or personal recommendations. If you require such support, you should contact a financial adviser.
How Raindrop's pension tracing service works
Raindrop's service is easy. This is because the process of tracing your pots can be counted into three easy steps.
First step: you fill in your personal details, National Insurance number and employment history
Second step: you pay a fixed fee for our pension search tool to start working and tracing.
Third step: put your feet up and relax while we start tracing your pensions.
Three easy steps where you're required to do almost nothing apart from giving Raindrop basic information about yourself. No more countless hours on the phone to pension providers.
There are several other ways you can trace your old pensions. You can start the search yourself by contacting your previous employers for the contact details of your pension providers and, consequently, personally contact each pension provider. You can also use the Government's free pension tracing service which only enables you to find the contact details of your pension providers, and you're still required to contact them yourself about your pensions. However, from our experience, the Government tracing service is usually outdated and inaccurate.
Raindrop does all the heavy lifting for you
We are proud to say that we have already found over 3,500 pensions worth over £20 million! The average pension pot we find is worth over £5,000. We work hard to make retirement easy and simplify pensions.
What makes us different from other pension tracing services is not only our approachable UK based customer service but our determination to find lost pension pots. We are confident that we can trace all your lost workplace pensions, as long as they exist. If we're unable to find it, we guarantee a full refund for each undiscovered pension.
Next step: pension consolidation
Raindrop's services do not stop there. It is true that we go above and beyond for our clients.
Once we've found your lost pensions for you, you have the option to transfer and combine your newly found pensions under one pension plan - with a click of a button. It's up to you whether you'd like to opt-in on a pension consolidation or remain satisfied with our tracing service.
If you do choose to consolidate your pensions with Raindrop, note that your capital is at risk as with all other investment products. The value of your pension can go up as well as down.
You and your pensions are in safe hands. Start your retirement journey with Raindrop.