The British have always been good at losing things: umbrellas, tempers, and now, apparently, pensions. According to Aegon, one of the country’s largest pension providers, an astonishing £31 billion is languishing in “lost” retirement pots across the UK. But a new digital bloodhound may finally be sniffing them out.
In the month since its launch, Aegon’s new workplace-pension app, Mylo, has unearthed £36 million in forgotten savings for its customers. Working in partnership with fintech firm Raindrop, the app has traced more than 3,300 lost pots, each averaging just over £11,000. For those who’ve spent years switching jobs and pension schemes — most of us, in other words — Mylo offers the digital equivalent of finding a crisp £50 note in an old coat pocket, only rather more valuable.
Raindrop’s technology, now embedded within Mylo, scours the pension landscape to reunite savers with their misplaced money. Since its own launch, Raindrop has helped recover more than £800 million from over 70,000 lost pots, an impressive testament to the scale of our collective absent-mindedness.
Aegon is rolling Mylo out across its vast customer base: one million workplace members by early 2026, and up to four million thereafter. The app forms part of a broader attempt by the industry to engage younger, digitally fluent savers who are otherwise allergic to anything involving “retirement planning”. With its nudging notifications and plain-English prompts, Mylo aims to make pension management feel less like homework and more like a banking app.
Solving the lost pension pots issue
“Mylo is our highly intuitive offering developed to boost engagement with workplace pensions,” says Nathan Thompson, Aegon’s Director of Mylo. His point: the app offers a single hub for savers to see their contributions, find missing pots, and plan for the future. Partnering with Raindrop, he adds, “has helped remove the barriers that have long made tracking down lost pots difficult and frustrating.”
Vivan Shridharani, Raindrop’s co-founder, agrees. “Solving the lost pots issue is critical for people’s retirement prospects,” he says. “Solutions like Mylo, powered by our technology, empower savers through a simple tracing and consolidation process.”
That process is timely. The average worker in Britain now changes jobs roughly every five years, often leaving behind a small pension pot each time. By retirement, many people have half a dozen pensions scattered across different providers, some forgotten entirely. The Pensions Policy Institute estimates 3.3 million such pots are currently “lost”, sitting idle while inflation quietly erodes their value.
Aegon hopes Mylo will help reverse that, while making its workplace scheme stickier in the process. The firm has already collected a few trophies for its efforts: Leading Innovation in Workplace Solutions at the Schroders UK Platform Awards, and Financial Services Innovation at the Scottish Fintech Awards.
Still, one suspects the true reward lies in the newfound enthusiasm for tracking down one’s own money. Mylo’s early success suggests the British public may finally be waking up to the idea that their future selves are worth logging into an app for. For the first time in a long while, the nation’s forgotten pensions are being found, not by dusty correspondence or old HR departments, but by a few lines of smart code and, perhaps, a nudge of guilt.
