Mylo Consolidates £135 Million+ Pensions as User Numbers Surge

Over £135 million in pension savings has now been consolidated through Mylo, helping pension scheme members regain oversight of pension pots often left behind during job moves and other life events. Aegon continues to invest in improving tracing, consolidation, and the wider Mylo experience, ensuring even more savers can easily reconnect and keep track of their retirement savings. 

Mylo, one of the UK’s fastest growing pension apps, has enabled pension scheme members to bring significant amounts of lost pensions back under their control within just six months of launch, highlighting both the scale of the UK’s missing pensions challenge and the effectiveness of digital tools in addressing it. 

Raindrop’s tracing technology supports Mylo’s find and combine activity. Alongside this, Mylo also offers a combine only route where members provide their pension details directly. Together, these complementary journeys have enabled over 11,000 pension transfers, a further 10,000 in progress, and more than £135 million consolidated for members. 

Since launch, Mylo has helped members rediscover pension pots dating back many years. This supports a wider national issue: the Pensions Policy Institute estimates £31.1 billion sits in lost pensions across nearly 3.3 million unclaimed pots in the UK. 

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.” 

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.”