Bolt introduces pension scheme for UK ridehail drivers in partnership with Aviva
Bolt, one of the UK’s largest ride-hailing services, has today announced an addition to its driver support package with the introduction of a pension scheme for all UK-based private hire vehicle (PHV) drivers on its platform.
The initiative is made possible through a collaboration with insurance giant Aviva and will be bolstered by contributions directly from Bolt.
This strategic development is the outcome of what is described as the most extensive independent study into driver attitudes within the UK’s ride-hailing sector to date. The findings have steered Bolt towards maintaining the status of PHV drivers as independent contractors. Bolt says this allows drivers the autonomy to set their schedules while also affording them the benefits such as pension schemes, augmented by additional platform contributions.
Set to launch on 1 May 2024, the Aviva-led pension scheme represents a novel approach in the gig economy. Drivers participating in the scheme will allocate 5% of their earnings from each trip into their pension pot. In a move to further support its drivers, Bolt will contribute an additional 3% to these savings.
Diverging from the norm, the scheme offered by Bolt, in cooperation with Aviva, does away with the restrictive qualifying earnings bracket that usually limits pension contributions to between £120 and £967 per week. This innovative approach ensures that every journey contributes to the driver’s pension pot, irrespective of the driver’s level of activity on the platform. Bolt is also set to absorb all associated joining fees for drivers opting into the scheme. Furthermore, the scheme is seen as inclusive, offering drivers the option to invest in a Sharia-compliant fund.
Emily Dalton, UK Senior Operations Manager - Bolt, said: “We’re delighted to announce our partnership with Aviva in launching a new pension scheme for Bolt’ PHV registered drivers. Last year we spoke to thousands of ride-hailing drivers across the UK which gave us unique insight into what matters to them. The feedback from drivers was clear — while they value the flexibility of self-employment, more support from our industry in helping them plan for the future and increase their financial security was crucial. This development means most drivers across the UK ride-hailing sector now have access to a market leading pension scheme.”
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.”
