Ride-hailing operator Bolt is to launch a pension scheme for its 65,000 UK registered private hire vehicle drivers from 1 May 2024.
Through the scheme, which is provided by Aviva, drivers will be able to contribute 5% of their fees from every completed trip into their pension pot, to which Bolt will add a further 3% contribution.
This allows drivers to remain independent contractors and keep their job flexibility while still having access to all the benefits of a pension, such as financial security in retirement.
The scheme will be structured as a private group personal pension (GPP) plan, through which Bolt’s self-employed drivers will hold a contract directly with Aviva. Bolt will cover all joining costs for drivers who invest in the scheme and drivers will also have the option to invest in a Sharia fund.
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Under the terms of the scheme, the qualifying earnings criteria typically applied to workers’ pensions, which is currently set at a minimum of £120 and maximum of £967 per week, has been removed. This means that drivers will be eligible for the 8% pension contribution for each completed journey, regardless of how much they use the platform.
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.”