Aegon App Consolidates £250m as Users Surge

Aegon‘s pension app Mylo has pulled together more than £250 million in retirement savings, according to the latest figures released by the insurer. The digital tool, launched in September 2025, lets members locate and combine lost or forgotten accounts, a function that appears to be resonating with a growing user base.

Rapid uptake drives user base past 166,000.

Since its debut, the platform reports that over 21,000 individual pots have been merged through its interface. Registration now exceeds 166,000.

This indicates a steady climb in adoption. The commercial director of workplace at Aegon, Nick Roy, said the milestone “shows the growing demand for simple, digital solutions that help people take control of their retirement savings.” He added that the “rapid growth in Mylo’s user base and the level of engagement we are seeing demonstrate the value of making pensions easier to find, understand and manage.”

Users can either let the app’s tracing technology locate their assets or input details directly via a “combine‑only” route. The former relies on Raindrop’s tracing technology, which supports Mylo’s ‘find and combine’ activity. The latter option streamlines the process for those who already have the necessary information at hand.

Addressing the dormant‑asset challenge

The UK faces a sizable issue with forgotten retirement products. The Pensions Policy Institute estimates that about £31.1 billion sits in lost schemes, while a broader figure of roughly £550 billion is thought to be held in dormant assets. Tools like Mylo are positioned as part of the answer, helping savers reclaim what might otherwise remain inaccessible.

Raindrop co‑founder and director Vivan Shridharani emphasized that “solutions such as Mylo are critical to tackling the dormant pots issue and improve UK retirement outcomes.” He noted that “customer adoption continues to surge demonstrating the strong demand for simple tools such as Mylo – this is a great example of how pension providers and fintechs can collaborate to empower savers.”

Aegon says it will keep investing in improvements to tracing accuracy and user experience, reinforcing its commitment to the UK market.

The current pace of consolidation is likely to persist as the app attracts new members through word‑of‑mouth and partnerships, even as the pool of unclaimed accounts diminishes.

In the meantime, the latest data shows that Mylo’s consolidation activity has already surpassed the £250 million mark, and the platform’s user count keeps climbing. Aegon’s statement confirms that the firm will keep refining the service, aiming to make the process of locating and merging retirement savings as straightforward as possible.