Aviva has launched the first ‘flexible’ workplace pension for Bolt’s taxi drivers.
All UK private hire vehicle drivers registered on the Bolt platform will have access to this pension while remaining independent contractors.
The scheme is designed to cover all trips, by removing the minimum and maximum earnings requirements. On workplace pensions this qualifying criteria is normally a minimum £120 and a maximum of £967 per week.
Drivers opting into the scheme will contribute 5 per cent of fees from every completed trip into the pension, with Bolt adding a further 3 per cent contribution. This means all Bolt drivers get an 8 per cent pension contribution for every passenger pick up, regardless of how often they use the platform.
Bolt is covering the joining costs for drivers opting into this Aviva pension, which is structured as private group personal pension. The scheme will be open from the start of May this year, and give drivers the option to invest in a Sharia fund.
Bolt is one of the largest taxi operators in the UK and it says access to this scheme will make strengthen its offer to drivers.
Aviva director of workplace savings & retirement Emma Douglas says this “innovative” pension scheme for self-employed PHV drivers gives them flexibility while offering also offering financial security in retirement.
“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.
“By adapting our standard pension solution to the bespoke needs of this sector, we’re helping customers get ready for better financial futures.”
Bolt UK senior operations manager Emily Dalton adds: “This development means most drivers across the UK ride-hailing sector now have access to a market leading pension scheme.”
