Aviva has launched a new pension scheme for Bolt registered private hire vehicle (PHV) drivers that will see drivers contribute 5% of fees from every completed trip into their pension pot, with Bolt adding a further 3% in contributions.

The scheme will open on 1 May 2024 and will be provided by Aviva’s workplace pensions business.

Aviva branded the new scheme as industry’s “first” flexible pension scheme, saying that it has worked with Bolt to remove the qualifying earnings criteria normally applied to worker pensions, which is a minimum £120 (€140) and a 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 and 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.”

She said that 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 automatic enrolment which are set to remove the lower qualifying earnings threshold.

Douglas added: “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 at Bolt, said: “We’re delighted to announce our partnership with Aviva in 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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Pamela is IPE's UK correspondent. Before joining IPE in May 2023, she spent five years writing about the insurance industry. During her career so far she won awards for Most Promising Newcomer in 2020 and Best Investigative Article in 2022 from the British Insurance Brokers Association, and was also highly commended at the WTW Media Awards for Insurance Features Journalist of The Year.View full Profile

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