Aviva launches ‘industry first’ flexible pension scheme with Bolt
- Private hire vehicle (PHV) drivers registered on Bolt’s platform will remain independent contractors while having access to all the benefits of a pension.
- In an industry first, the scheme is designed to cover all trips by removing minimum and maximum earnings requirements and Bolt will cover all joining costs for drivers opting in.
Aviva has announced the launch of an innovative new pension scheme for Bolt registered private hire vehicle (PHV) drivers.
Bolt, one of the largest ride-hailing operators in the UK, has strengthened its driver position offer with the launch of a pension scheme with Aviva for all UK-based PHV drivers registered on its platform.
The scheme, which opens to drivers from 1 May 2024 and is provided by Aviva’s workplace pensions business, will see drivers contribute 5% of fees from every completed trip into their pension pot, to which Bolt will add a further 3% contribution.
In an industry first among major UK ride-hailing platforms, Bolt and Aviva have worked together to remove the qualifying earnings criteria normally applied to worker 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% pension contribution, regardless of how much they use the platform. Bolt will also cover all joining costs for drivers who invest in the scheme.
The scheme is structured as a private Group Personal Pension (GPP), which is a contract-based pension scheme where Bolt facilitates self-employed drivers to contract directly with Aviva.
The scheme also gives drivers the option to invest in a Sharia fund.
Emma 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, said: “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.”
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About Bolt
Bolt is one of the largest ride-hailing operators in the UK, with over 40,000 drivers using its platform every day.
Notes- We are the UK’s leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 19.2 million (as at 31 December 2023) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2023, we paid £25.6 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global ecosystem. There are also limits to our ability to influence other organisations and governments. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/%
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