Aegon, one of many UK’s largest pension and funding suppliers, has recovered £36million in misplaced pension financial savings for its clients in simply the primary month of launching its new office pension app, Mylo. The instrument, which is powered by fintech Raindrop’s pension-finding know-how, situated over 3,300 misplaced pots for Aegon members, with a mean worth exceeding £11,000 per pot.
The achievement, introduced forward of Nationwide Pension Tracing Day, underscores the vital position know-how is taking part in in fixing the UK’s estimated £31.1billion downside of lacking retirement financial savings.
Streamlining the consolidation course of
Aegon launched Mylo as a brand new digital expertise particularly tailor-made for office pension members. The app is designed to spice up engagement, serving to folks handle all facets of their retirement financial savings, from growing contributions to planning for retirement. The seamless integration of Raindrop’s know-how is a cornerstone of this technique, permitting members to consolidate misplaced pots and increase their financial savings merely and successfully.
Nathan Thompson, director of Mylo at Aegon, highlighted the significance of partnering with specialist fintech. “From the outset, we knew that partnering with the best-in-class know-how suppliers can be key to delivering an excellent buyer expertise whereas being easy and efficient,” Thompson mentioned. “Raindrop has given precisely that, and their pension-finding providers has helped take away the obstacles which have lengthy made monitoring down misplaced pots tough and irritating.”
He added that this partnership means tens of millions of Aegon clients could have entry to a robust instrument that helps them take management of their monetary future.
Vital resolution for the ‘misplaced pots’ concern
Raindrop, which collaborates with pension suppliers and monetary establishments, has recovered over £800million in misplaced pension financial savings from greater than 70,000 particular person pots since its launch. The complexity of the present guide tracing course of makes digital options like Mylo important for empowering savers.
Vivan Shridharani, co-founder & CCO at Raindrop, famous the measurable impression of the collaboration. “Mylo’s pension tracing instrument has already made a big impression, enabling hundreds of Aegon clients to trace down tens of millions in misplaced financial savings,” Shridharani commented. “Fixing the misplaced pots concern is vital for folks’s retirement prospects, but the present course of is commonly overly complicated. Options like Mylo, powered by Raindrop’s know-how, are important in empowering savers to take management of their pensions via a easy tracing and consolidation course of.”
The Mylo app has already acquired business recognition, lately successful ‘Main Innovation in Office Options’ on the Schroders UK Platform Awards. Aegon plans to roll out the app to over a million members by early 2026, with a complete potential attain of as much as 4 million members within the coming years.
