Prime Highlights:

• Aegon’s new Mylo app has recovered £36 million in lost pension savings within its first month, helping thousands of members reconnect with their retirement funds.
• The app, powered by Raindrop’s pension-finding technology, aims to make pension management simpler and more engaging for workplace members across the UK.

Key Facts:

• Over 3,300 lost pension pots were found through Mylo, with an average value of more than £11,000 per pot.
• Aegon plans to extend Mylo’s access to over one million members by 2026, reaching up to four million people in the future.

Background:

Aegon, one of the UK’s leading pension and investment providers, has recovered £36 million in lost pension savings for its customers within just the first month of launching its new workplace pension app, Mylo. The app uses cutting-edge pension-finding technology developed by fintech firm Raindrop, enabling Aegon members to locate over 3,300 lost pension pots, each averaging more than £11,000 in value.

The milestone, announced ahead of National Pension Tracing Day, highlights the growing importance of technology in addressing the UK’s estimated £31.1 billion worth of unclaimed pension savings. Mylo was created as part of Aegon’s mission to modernize retirement planning, offering workplace members a digital hub to manage their pensions, increase contributions, and plan for the future.

Nathan Thompson, Director of Mylo at Aegon, said the partnership with Raindrop was central to delivering a seamless customer experience. “From the outset, we knew that working with the best technology providers was vital to building something simple, effective, and customer-focused. Raindrop’s pension-finding services have done exactly that, removing barriers that have long made tracing lost pots frustrating,” he said.

Through this collaboration, millions of Aegon customers now have access to an easy-to-use tool designed to simplify the process of consolidating and tracking pensions. Since it began, Raindrop has helped people find over £800 million in lost pension savings from more than 70,000 pots, working closely with several financial institutions across the UK.

Vivan Shridharani, Co-founder and CCO of Raindrop, said the success of Mylo shows how technology can make a real difference for savers. She explained that finding and combining old pensions has always been complicated, but tools like Mylo make the process much easier and help people take control of their retirement savings. Tools like Mylo are changing that by giving people control through a straightforward, technology-driven solution,” she said.

The Mylo app has already gained industry recognition, recently winning the ‘Leading Innovation in Workplace Solutions’ award at the Schroders UK Platform Awards. Aegon plans to make the app available to over one million members by early 2026, and aims to reach as many as four million people in the next few years.