Aviva has launched a group personal pension scheme for Bolt drivers, which the firm said was the first among major UK ride hailing services.
Registered drives using the Bolt platform will contribute 5 per cent of fees from every completed trip into their pension pot, to which Bolt will add a further 3 per cent contribution.
Aviva director of workplace savings & retirement, Emma Douglas, said: “We’re proud to have worked with Bolt to develop an innovative pension scheme for self-employed PHV drivers.”
She explained that the scheme will be registered on Bolt’s platform.
“By adapting our standard pension solution to the bespoke needs of this sector, we’re helping our customers get ready for better financial futures,” she continued.
Bolt and Aviva have worked to remove the qualifying earnings criteria normally applied to workplace pensions, which is minimum £120 and maximum £967 per week.
This means that every completed journey on registered PHV drivers’ accounts will be eligible for the 8 per cent pension contribution, regardless of how much they use the platform.
Douglas said: “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.”
Bolt will also cover all joining costs for drivers who invest in the scheme.
Bolt UK senior operations manager, Emily Dalton, said: “This development means most drivers across the UK ride-hailing sector now have access to a market leading pension scheme.”
The scheme will also give drivers the option to invest in a Sharia fund.
tom.dunstan@ft.com
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