The Aegon Mylo app has driven strong member engagement, with more than 38,000 beneficiary nominations completed since launch.
According to the firm, users are also 5.5 times more likely to have nominated a beneficiary than non-users.
Aegon set out plans for the Mylo rollout, set for July for Aegon Master Trust (AMT) schemes, at its latest Aegon Master Trust (AMT) Summit, and highlighted the continued development of its Trustee Connect service, as employers and trustees met to discuss governance and member outcomes.
The summit brought together representatives from participating employers responsible for nearly £2bn in assets under administration.
Aegon also highlighted Trustee Connect, which is designed to strengthen links between participating employers and trustees and support collaboration on governance priorities and member outcomes.
Aegon head of master trust Antonia Balaam says: “This was our tenth AMT Summit to date and it is always hugely popular, reflecting the value employers place on direct engagement with trustees and industry peers.
“Trustee Connect is helping strengthen collaboration between employers and trustees, ensuring employers have direct access to the people shaping the development of the Aegon Master Trust. Our Trustees understand the importance of the employer voice – after all they know their people best, and that combined feedback allows better decision making and ultimately better member outcomes.
“Mylo has landed fantastically. It is encouraging members to take positive actions and become more engaged with their pensions. The early results are compelling, with more than 38,000 beneficiary nominations completed through Mylo and registered users significantly more likely to nominate a beneficiary than non-users.
“The increase in beneficiary nominations is particularly significant. Many workplace pension savers either don’t realise how important the process is or are unsure how to complete it. By making the process simpler and more accessible, Mylo is helping overcome those barriers and encouraging members to take positive action. We look forward to bringing these benefits to AMT members as the Mylo rollout progresses.”
