The Aegon Mylo pension app has helped UK savers consolidate more than £250m in savings, drawing together lost and forgotten pension pots into a single, manageable view. For anyone approaching retirement with a career spanning multiple employers, that headline figure deserves a closer look.
What the Aegon Mylo pension app actually does
Mylo enables workplace pension scheme members to trace and consolidate old pots they may have accumulated across different jobs. According to Corporate Adviser, the app has now attracted over 166,000 registered users and facilitated the consolidation of more than 21,000 individual pots. Aegon has said it will continue to invest in improving tracing, consolidation and the overall customer experience.
Those numbers matter in context. The UK’s pension landscape is fragmented by design: auto-enrolment has been a policy success, but its legacy is millions of small, dormant pots scattered across dozens of providers. The difficulty of tracking them down is not merely administrative inconvenience; a pot that cannot be found is a pot that earns nothing in retirement.
Aegon has already introduced Mylo to around 900,000 workplace plan members, and the insurer plans to extend access to over one million members. For a wealth manager assessing the platform’s relevance to clients, the scale of that distribution matters: the larger the user base, the more tracing data the system can draw on, and the more useful the tool becomes for members with genuinely obscure old-employer schemes.
Portfolio considerations for savers thinking about consolidation
Consolidation is not automatically the right move for every saver, and this is worth stating plainly. Before any client merges pots, a careful review of the existing schemes is essential. Some older defined-benefit or hybrid arrangements carry guaranteed benefits, enhanced transfer values, or protected tax-free cash that would be permanently surrendered on transfer. The Financial Conduct Authority has long required regulated advice before transferring defined-benefit pensions above a certain threshold for precisely this reason.
Where pots are straightforwardly defined-contribution and carry no protected benefits, consolidation has genuine merit. A single pot is easier to monitor, cheaper to administer across its lifetime, and simpler to draw from in retirement without triggering unintended tax consequences. Sequence-of-returns risk and drawdown planning both become more tractable when the full picture is visible in one place.
For someone in accumulation phase with a horizon of ten years or more, the act of finding lost pots is essentially costless upside: any money recovered is money compounding. For someone closer to, or already in, drawdown, the calculus is slightly different. The priority shifts to understanding what income each pot can reliably generate, and whether consolidation serves that income-reliability goal or disrupts it by triggering a tax event or losing a scheme’s built-in annuity rate.
There is also a broader structural question. Apps such as Mylo are useful prompts, but they are not financial plans. Tracing a pot and consolidating it are two separate decisions, and the second requires judgment about investment options, charging structures and tax-wrapper efficiency within whichever receiving scheme is chosen.
Aegon’s stated intention to reach over one million workplace members means that, over a five-to-ten-year horizon, a growing proportion of UK savers will at least have visibility of their full retirement picture through a single interface. Whether they act on that visibility wisely will depend on the quality of guidance sitting alongside the technology. Aegon has said it intends to keep investing in the customer experience to help more savers keep track of their retirement savings.
