More than £135 million in pension savings has been consolidated through Mylo, as digital tools help UK savers reconnect with lost pots.
The app, backed by Aegon, has enabled over 11,000 pension transfers within six months of launch, with a further 10,000 in progress, helping members regain oversight of savings often left behind during job moves and other life events.
Mylo combines tracing technology from Raindrop with a user-led option where members can submit pension details directly, supporting its find-and-combine approach. Aegon said it continues to invest in tracing, consolidation and the wider Mylo experience to help more savers track their retirement savings.
The Pensions Policy Institute estimates £31.1 billion is spread across nearly 3.3 million unclaimed pension pots.
Aegon commercial director of Workplace Nick Roy says: “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.”
Raindrop cofounder & CCO Vivan Shridharani says: “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.”