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Aviva has introduced the launch of a brand new pension scheme for Bolt registered non-public rent automobile (PHV) drivers.
Bolt has boosted its driver place provide with the launch of a pension scheme with Aviva for all UK-based PHV drivers on its platform.
Open to drivers from 1 Might 2024, the scheme is supplied by Aviva and its office pensions enterprise. It’s going to additionally see drivers contribute 5% of charges from each accomplished journey into their pension pot and Bolt will add an additional 3% contribution.
In an business first amongst main UK ride-hailing platforms, Bolt and Aviva have collaborated to take away the qualifying earnings standards usually utilized to employee pensions, which is minimal £120 and most £967 per week.
Moreover, which means each accomplished journey on registered PHV drivers’ accounts can be eligible for the 8% pension contribution, no matter how a lot they use the platform.
As well as, drivers have the choice to put money into a Sharia fund.
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Emma Douglas, director of Office Financial savings & Retirement at Aviva, mentioned: “We’re proud to have labored with Bolt to develop an progressive pension scheme for self-employed PHV drivers registered on Bolt’s platform which permits for the pliability they need proper now, together with providing monetary safety in retirement. By adapting our commonplace pension answer to the bespoke wants of this sector, we’re serving to our clients prepare for higher monetary futures.
“Eradicating the minimal and most earnings is essential as a result of it considers the versatile nature of the UK-ride hailing business. It additionally enhances the incoming modifications to auto enrolment that are set to take away the decrease qualifying earnings threshold. This could assist guarantee part-time employees and people with a number of jobs get a contribution based mostly on each pound they earn.”
Emily Dalton, UK senior operations supervisor – Bolt, added: “We’re delighted to announce our partnership with Aviva launching a brand new pension scheme. This growth means most drivers throughout the UK ride-hailing sector now have entry to a market main pension scheme.”
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