Aegon’s Mylo Locates £36M in Lost Pension Pots for Customers in First Month

Ahead of National Pension Tracing Day, Aegon, one of the UK’s largest pension and investment providers, has announced that its new workplace pension app, Mylo, has found £36 million in lost pension savings for its customers in just its first month.

The tool, powered by Raindrop’s pension-finding technology, enables users to locate and consolidate lost pension pots—helping them take greater control of their retirement savings. Since launch, over 3,300 lost pots have been recovered for Aegon members, with an average pot size of over £11,000.

Aegon recently introduced Mylo, a new digital experience tailored for workplace pension members. The app is designed to help people engage with their money and navigate key financial moments, from increasing contributions to planning for retirement.

Mylo offers seamless access to Raindrop’s pension-finding technology, allowing members to consolidate lost pots and boost their savings.

Mylo also delivers personalised support via email, SMS, and app notifications – even to members who haven’t downloaded the app – prompting actions around contributions, consolidation, and retirement goals.

According to the Pensions Policy Institute (PPI), an estimated £31.1 billion is sitting in lost pension pots across the UK, with nearly 3.3 million pots unaccounted for.

Nathan Thompson, Director of Mylo at Aegon, said: “Mylo is our highly intuitive offering developed to boost engagement with workplace pensions, giving members the ability to manage all aspects of their retirement savings in one place.

“From the outset, we knew that partnering with the best-in-class technology providers would be key to delivering a great customer experience while being simple and effective. Raindrop has given exactly that, and their pension-finding services has helped remove the barriers that have long made tracking down lost pots difficult and frustrating. 

“This partnership means millions of Aegon customers will have access to a powerful tool that helps them take control of their financial future.” 

Vivan Shridharani, Co-Founder & CCO at Raindrop, added: “Mylo’s pension tracing tool has already made a significant impact, enabling thousands of Aegon customers to track down millions in lost savings. 

“Solving the lost pots issue is critical for people’s retirement prospects, yet the current process is often overly complex. Solutions like Mylo, powered by Raindrop’s technology, are essential in empowering savers to take control of their pensions through a simple tracing and consolidation process.” 

Last month, Mylo won ‘Leading Innovation in Workplace Solutions’ at the prestigious Schroders UK Platform Awards, followed by the Financial Services Innovation award at the Scottish Fintech Awards.

Raindrop collaborates with pension providers and financial institutions to tackle the lost pots issue and enable them to launch pension tracing solutions for their customers. Since launch, Raindrop has recovered over £800 million in lost pension savings from more than 70,000 individual pots, with an average value of over £11,000.