Pension and investment provider Aegon has launched a new app for workplace pension members, which it claimed will help people engage with their money and navigate key financial moments.

The new app is named Mylo and the firm said it hopes more than 1m workplace members will be using it by early next year.

The company said the app offers personalised support through email, SMS, and app nudges, including to members who haven’t downloaded the app, with prompts around contributions, consolidating pots, and retirement goals.

The firm said the app’s features include life moment support, access to money coaches, and progress tracking, with annual check-ins aiming to help members stay on track, supporting better outcomes and scheme governance.

Nick Roy, commercial director of workplace at Aegon, said: “Mylo speaks in plain language and focuses on what really matters - big life moments like changing jobs, starting a family, turning 50, or preparing for retirement.”

He said the app can help people work things out for themselves and find the right support: such as education, guidance, or advice. 

Aegon has already introduced Mylo to more than half a million of its workplace pension scheme members and said the app will be available to more than 1m members by early next year.

Mr Roy said the app also works for employers and advisers, by “helping retain and nurture relationships, support simple decisions like ISA top-ups, and guide longer-term Financial Planning.”

Aegon said it has nearly 4m people saving with it, which it said is around 10% of the UK’s working-age population.