Aegon reports over £135m in lost pensions consolidated through Mylo app

Aegon has reported that its pension consolidation app, Mylo, has now brought together over £135m in pensions, helping members reclaim savings often lost after job changes or life events. 

Mylo uses tracing technology from Raindrop to help members find and combine old pensions.

Members can also enter their pension details directly to merge their pots. 

These options have led to over 11,000 pension transfers, with another 10,000 in progress, and more than £135m consolidated for members.

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.”

Roy added: “We’re pleased with the progress, and this is only the beginning.”