Aegon has launched Mylo, a digital platform designed to help workplace pension members manage their savings and make informed financial decisions.
Its key features include personalised nudges, life-event guidance, access to money coaches, progress tracking and a “trace and combine” service for consolidating old pensions. The platform evolves based on member feedback and helps employers boost engagement and improve scheme governance.
Aegon describes Mylo as a “trusted partner” for pension scheme members, offering more than just an app or a series of notifications.
Aegon commercial director of workplace Nick Roy says: “From the point they join their employer’s scheme, it becomes their guide and supports them over their whole journey. Mylo is an app on your phone, but it’s so much more than that – it’s the heart of a market-leading engagement engine that connects members emotionally and logically to their pension.”
Roy says Mylo was created to move beyond what he calls the “gimmicky” engagement tools of the past, such as one-off campaigns or novelty tech.
He explains: “Those things can get people looking once, but they don’t build an ongoing relationship. What Mylo is doing is starting a conversation with the member – understanding who they are and engaging at key points in their life, not just sending blanket notifications every time a contribution goes in.”
Mylo uses member data to send timely nudges at key life events, like starting a family, buying a home, or getting a pay rise, prompting actions such as reviewing retirement goals or adjusting contributions.
According to Aegon, Mylo is designed to break down emotional barriers to engagement. Aegon’s research revealed that many members feel anxious, guilty or even ashamed when looking at their pension.
Roy says: “Instead of throwing data at people, we use simple, conversational language to make it feel approachable.”
Additionally, members can message Aegon’s pension experts in a chat format like WhatsApp, which allows them to ask questions and receive responses without having to wait in a live chat queue.
Aegon is developing Mylo in close collaboration with members, using their feedback to guide updates and features. One example is the “trace and combine” service, which helps users consolidate old pensions without needing policy numbers, a common barrier highlighted by Aegon.
According to Aegon, employers have welcomed Mylo, with some actively promoting the platform to increase engagement. The platform is already available to over half a million members, with plans to exceed one million by early 2026.
Roy adds: “With nearly 4 million people – around 10 per cent of the UK’s working-age population – already saving with Aegon, Mylo is a natural evolution of our commitment to financial wellbeing and digital innovation. Mylo will be available to over 1 million workplace pension scheme members by early next year. And it will continue to grow. It’s focused on the members of pension schemes, but it also works for employers and advisers – helping retain and nurture relationships, support simple decisions like ISA top-ups, and guide longer-term financial planning. Mylo is essential not just for today’s expectations, but for staying relevant to the next generation.”
The long-term vision is to make Mylo available to all workplace members, active and deferred, and even extend access to advisers’ clients.
Roy adds: “People need to understand this is much more than just an app. This is about having a trusted partner there. When members think about their pension, they’ll go to Mylo – and engage with it in a way that feels natural and not intimidating. I genuinely think this is a game-changer for the market.”
