Aegon, one of the UK’s largest pension and investment providers, has recovered £36million in lost pension savings for its customers in just the first month of launching its new workplace pension app, Mylo. The tool, which is powered by fintech Raindrop’s pension-finding technology, located over 3,300 lost pots for Aegon members, with an average value exceeding £11,000 per pot.
The achievement, announced ahead of National Pension Tracing Day, underscores the critical role technology is playing in solving the UK’s estimated £31.1billion problem of missing retirement savings.
Streamlining the consolidation process
Aegon introduced Mylo as a new digital experience specifically tailored for workplace pension members. The app is designed to boost engagement, helping people manage all aspects of their retirement savings, from increasing contributions to planning for retirement. The seamless integration of Raindrop’s technology is a cornerstone of this strategy, allowing members to consolidate lost pots and boost their savings simply and effectively.
Nathan Thompson, director of Mylo at Aegon, highlighted the importance of partnering with specialist fintech. “From the outset, we knew that partnering with the best-in-class technology providers would be key to delivering a great customer experience while being simple and effective,” Thompson said. “Raindrop has given exactly that, and their pension-finding services has helped remove the barriers that have long made tracking down lost pots difficult and frustrating.”
He added that this partnership means millions of Aegon customers will have access to a powerful tool that helps them take control of their financial future.
Critical solution for the ‘lost pots’ issue
Raindrop, which collaborates with pension providers and financial institutions, has recovered over £800million in lost pension savings from more than 70,000 individual pots since its launch. The complexity of the current manual tracing process makes digital solutions like Mylo essential for empowering savers.
Vivan Shridharani, co-founder & CCO at Raindrop, noted the measurable impact of the collaboration. “Mylo’s pension tracing tool has already made a significant impact, enabling thousands of Aegon customers to track down millions in lost savings,” Shridharani commented. “Solving the lost pots issue is critical for people’s retirement prospects, yet the current process is often overly complex. Solutions like Mylo, powered by Raindrop’s technology, are essential in empowering savers to take control of their pensions through a simple tracing and consolidation process.”
The Mylo app has already received industry recognition, recently winning ‘Leading Innovation in Workplace Solutions’ at the Schroders UK Platform Awards. Aegon plans to roll out the app to over one million members by early 2026, with a total potential reach of up to four million members in the coming years.
