Aegon is expanding its digital engagement strategy with the rollout of Mylo, a workplace pension app designed to help people navigate financial decisions at key life stages.<\/p>\n
The firm plans to extend the service to more than one million members by early 2026, building on the half million already introduced to Mylo.<\/p>\n
The initiative reflects growing pressure on providers to tackle low engagement with pensions and long-term saving.<\/p>\n
Research commissioned by Aegon found many people feel anxious, ashamed or embarrassed when looking at their pension, particularly around milestone moments such as changing jobs, starting a family or turning 50.<\/p>\n
Speaking to Money Marketing, Nick Roy, commercial director of workplace at Aegon, said the app was created to address this \u201cengagement gap\u201d.<\/p>\n
\u201cI\u2019ve been in the workplace channel for over 20 years, and we\u2019ve always tried to crack engagement,\u201d he explained.<\/p>\n
Mylo\u2019s solution is to use data to anticipate when members may need support.<\/p>\n
\u201cWhile the app is the front end, what Mylo is doing is actually creating data for the individual and nudging them at moments that matter,\u201d Roy said.<\/p>\n
\u201cIt\u2019s about thinking more broadly about life events.\u201d<\/p>\n
Examples include encouraging members to review pensions after a job move or salary increase, or providing guidance at milestone ages such as 50.<\/p>\n
\u201cIt\u2019s about moving away from waiting for members to engage because something has happened, and instead trying to pre-empt it,\u201d Roy added.<\/p>\n
The app is also designed to be more approachable than standard platforms.<\/p>\n
\u201cOne of the key things that came through in our research before we built the app was how much embarrassment people feel when looking at their pension,\u201d Roy said.<\/p>\n
\u201cAt 50, people often think, \u2018Why haven\u2019t I done more about this?\u2019 That embarrassment makes pensions feel intimidating.<\/p>\n
\u201cThat\u2019s another reason we\u2019ve branded it as Mylo. It feels more engaging, more approachable and less intimidating than a standard pension app.\u201d<\/p>\n
Employers have been quick to adopt the new platform.<\/p>\n
Maria Dowdeswell, total rewards manager at sustainability consultancy Haskoning, described Mylo as \u201ca real win for our people\u201d and praised its \u201csmooth and well-thought-out rollout\u201d.<\/p>\n
Cathy Wells, head of reward at publisher Hachette, said: \u201cIt gives our people a real opportunity to connect with the value of their pension on a day-to-day basis, and I\u2019ve certainly seen an increase in pension engagement since then.\u201d<\/p>\n