Aegon’s Mylo app tracks down GBP £135m in pensions

Aegon's pension app, Mylo, has consolidated more than GBP £135 million in retirement savings, as growing use of digital tracing tools highlights the scale of the UK's lost pensions problem.

More than 11,000 pension pots have been consolidated through the app, with a further 10,000 transfers in progress. Within six months of launch, Mylo has registered more than 111,000 users and recorded more than 1 million logins.

Those figures point to strong early demand for tools that help savers find and combine retirement accounts left behind after changing jobs or moving house. Pension tracing technology from Raindrop powers Mylo's pension-finding function, while the app also lets members combine pots directly when they already have the details.

The amount of money moved through the service also underlines a broader issue across the UK pensions market. Research from the Pensions Policy Institute estimates that GBP £31.1 billion is held in nearly 3.3 million lost pension pots.

This has become a persistent challenge for providers, policymakers and consumers, as automatic enrolment has increased the number of people building up multiple workplace pensions over their careers. Small dormant pots can be hard to track, especially when people switch employers frequently or fail to update their contact details.

Mylo forms part of Aegon's effort to make pension administration and consolidation easier through its app. Aegon says it is continuing to invest in tracing, consolidation and the wider user experience as it looks to help more savers reconnect with retirement funds that may have gone unmonitored for years.

Nick Roy, Commercial Director of Workplace at Aegon, said: "Mylo was designed to give people a simple, intuitive way to take control of their retirement savings, and consolidating £135 million of pensions for scheme members in such a short time shows just how powerful that can be.

"Mylo anticipates when members need support and offers clear guidance that cuts through the complexity of pensions. By combining plain English prompts with integrated tracing and consolidation tools, Mylo removes the friction that often deters people from engaging with their savings. We're pleased with the progress, and this is only the beginning."

Raindrop's role reflects the growing use of specialist technology providers in parts of the pensions market that have traditionally relied on paper-heavy processes and fragmented records. Its software supports a significant share of the pension consolidation pipeline in Mylo's find-and-combine journey.

Lost Pots

The issue has both commercial and public policy significance. For savers, untraced pensions can mean lower engagement with retirement planning and a weaker understanding of total long-term savings. For providers and administrators, multiple small pots add operational complexity and cost. For the wider market, the failure to reconnect consumers with existing assets raises questions about efficiency and consumer outcomes.

Digital tools have become one way to address that problem, particularly when they reduce the effort required from customers to identify previous schemes and begin transfer processes. Mylo's early growth suggests there is demand for services that combine account access, pension finding and transfer initiation in one place.

Vivan Shridharani, Cofounder & CCO at Raindrop, said: "Solving the lost pots issue and empowering consolidation is critical to boost the UK's long-term financial wellbeing. Customer adoption of Mylo is growing at a rapid pace, demonstrating the power of combining intuitive digital journeys with advanced pension tracing technology to deliver impact for customers. Together, we're enabling thousands of people to track down money that would otherwise remain unclaimed, simplifying a process that has historically been overly complex and time-consuming."

Market Context

Aegon serves more than 3.5 million customers in the UK, giving it a large base from which to test how digital engagement tools affect pension behaviour. Mylo's uptake figures indicate that consumers are willing to use app-based services for tasks once associated with forms, telephone calls and long transfer timelines.

The next test will be whether that early engagement translates into sustained use and broader consolidation among members with more complex pension histories. Aegon plans further investment in tracing and consolidation as it develops the app's role in helping members keep track of their retirement savings.