Aegon’s Mylo Recovers £250 Million in Lost Pensions Using Raindrop Technology

UK savers have consolidated more than £250 million in pension assets via the Mylo app, signaling a significant shift in how workplace retirement benefits are managed digitally. For fintech professionals, this milestone highlights the increasing efficacy of "find and combine" technologies in capturing dormant market share and driving engagement within the traditionally stagnant pensions sector.

What was announced

Mylo, a mobile application designed for pension scheme members, has reached a major asset milestone by facilitating the consolidation of over £250 million in retirement savings. Since its launch in September 2025, the platform has seen over 21,000 individual pension pots consolidated by its users. The app currently reports a registered user base of more than 166,000 individuals, reflecting a rapid adoption rate for digital pension management tools in the UK market.

The platform operates using two primary pathways for users to organize their finances. The first is a "Find and Combine" feature, which utilizes tracing technology provided by Raindrop to locate lost or forgotten accounts. The second is a "Combine-only" route, designed for members who already possess their pension details and wish to manually initiate a transfer. These tools aim to address the systemic issue of lost retirement savings; data from the Pensions Policy Institute suggests that approximately £31.1 billion is currently held in lost pensions, while the broader category of dormant assets in the UK is estimated at £550 billion.

Aegon has confirmed ongoing investment into the Mylo experience, focusing on enhancing the tracing and consolidation workflows to help savers reconnect with their financial history. The growth in user engagement suggests a strong appetite for consolidated views of retirement wealth, particularly as the number of individual pots per worker continues to rise due to frequent job changes.

"The fact that more than £250 million has now been consolidated through Mylo shows the growing demand for simple, digital solutions that help people take control of their retirement savings. It’s encouraging to see so many scheme members actively reconnecting with pensions that may otherwise have remained forgotten, helping them build a clearer picture of their financial future."

Nick Roy, Commercial Director of Workplace at Aegon.

The companies involved

Aegon is a major international financial services group providing life insurance, pensions, and asset management. The firm has established a significant presence in the UK workplace savings market, focusing on providing long-term investment solutions and retirement planning services to millions of customers. As a business committed to the UK market, Aegon has increasingly turned toward digital innovation to improve customer outcomes and streamline the administration of workplace schemes.

Raindrop is a UK-based fintech specializing in pension tracing and consolidation technology. The company provides the underlying infrastructure that powers the discovery of dormant accounts, helping savers locate assets that have become disconnected from their current contact details. By partnering with established providers like Aegon, Raindrop integrates its specialized tracing capabilities into broader retirement platforms.

The Pensions Policy Institute (PPI) is an independent educational charity that provides non-political research on pensions and retirement provision. Its data is frequently cited by industry stakeholders to quantify the scale of challenges facing the UK retirement landscape, such as the proliferation of small, dormant pension pots.

What this means

The consolidation of a quarter-billion pounds through a single app in less than a year indicates that the "lost pension" problem is no longer just a theoretical industry headache, but a tangible commercial opportunity. As digital-first tools like Mylo gain traction, traditional providers who fail to offer seamless, automated consolidation features may find themselves under significant pressure as assets migrate toward more user-friendly platforms. This trend places a premium on the accuracy of tracing data and the speed of the transfer process. The success of the Aegon and Raindrop partnership serves as a clear signal that the future of the pensions market lies in the successful integration of legacy financial institutions with agile fintech infrastructure to solve long-standing structural inefficiencies.