Employees can trace lost pension pots built up with former employees under a new app launched by Aegon.
Aegon’s pension engagement Mylo, in partnership with pension-finding fintech firm Raindrop, has located £36m in lost pensions from over 3,300 pots with an average pot size of over £11,000.
Mylo, which launched last month, is a pension engagement app designed to connect people with their money and help them navigate key financial moments such as increasing contributions and planning for retirement.
The partnership has allowed Mylo to offer access to Raindrop’s pension-finding technology, allowing members to consolidate lost pots and boost their savings.
According to the Pensions Policy Institute (PPI), there is around £31.1bn in lost pensions in the UK, with nearly 3.3 million pots unaccounted for.
Raindrop’s pension tracing tool connects with banks, pension providers and financial advisers to enable them to create solutions for their customers. It has recovered over £800 million in lost pension savings so far from more than 70,000 individual pots, with an average pension value of over £11,000.
Aegon director of Mylo Nathan Thompson says: “Mylo is our highly intuitive offering developed to boost engagement with workplace pensions, giving members the ability to manage all aspects of their retirement savings in one place.
“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. 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.
“This partnership means millions of Aegon customers will have access to a powerful tool that helps them take control of their financial future.”
Raindrop co-founder & CCO Vivan Shridharani says: “Mylo’s pension tracing tool has already made a significant impact, enabling thousands of Aegon customers to track down millions in lost savings.
“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.”
