After Magento 1.9 version due to security reason password field send empty.
and the variable are not set for :
From updates Magento 1.6 to 1.9 version was change to change the forgot password email. In previous versions, the temporary password was sent in the email, but now in latest uses a reset link instead. If you have a custom template for the forgot password email or magento theme, and that was not updated, the password sent set to blank.
Solution is create a new template for reset password link.
1. Go to System > Transactional Mails
2. Edit default template: Remind Password
3. The template details should appear in the fields when you click on Edit Template or create new template.
4. Edit template content, add:
If you requested this password change, please click on the following link to reset your password:
If clicking the link does not work, please copy and paste the URL into your browser instead.
6. Set forgot password to use this template.
7. Go to System > Configuration > Customer Configuration > Password Options and update Forgot Email Template to the template you just created.