Aviva has announced the launch of a new pension scheme for Bolt registered private hire vehicle (PHV) drivers.
Bolt has boosted its driver position offer with the launch of a pension scheme with Aviva for all UK-based PHV drivers on its platform.
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Open to drivers from 1 May 2024, the scheme is provided by Aviva and its workplace pensions business. It will also see drivers contribute 5% of fees from every completed trip into their pension pot and Bolt will add a further 3% contribution.
In an industry first among major UK ride-hailing platforms, Bolt and Aviva have collaborated to remove the qualifying earnings criteria normally applied to worker pensions, which is minimum £120 and maximum £967 per week.
Furthermore, this means that every completed journey on registered PHV drivers’ accounts will be eligible for the 8% pension contribution, regardless of how much they use the platform.
In addition, drivers have the option to invest in a Sharia fund.
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By GlobalDataEmma Douglas, director of Workplace Savings & Retirement at Aviva, said: “We’re proud to have worked with Bolt to develop an innovative pension scheme for self-employed PHV drivers registered on Bolt’s platform which allows for the flexibility they want right now, along with offering financial security in retirement. By adapting our standard pension solution to the bespoke needs of this sector, we’re helping our customers get ready for better financial futures.
“Removing the minimum and maximum earnings is important because it considers the flexible nature of the UK-ride hailing industry. It also complements the incoming changes to auto enrolment which are set to remove the lower qualifying earnings threshold. This should help ensure part-time workers and those with multiple jobs get a contribution based on every pound they earn.”
Emily Dalton, UK senior operations manager – Bolt, added: “We’re delighted to announce our partnership with Aviva launching a new pension scheme. This development means most drivers across the UK ride-hailing sector now have access to a market leading pension scheme.”
