Bolt has partnered with Aviva to launch a pension scheme for all its registered private hire vehicle drivers covering all trips by removing the auto-enrolment qualifying earnings criteria, in what has been branded an "industry first" among UK-ride-hailing platforms.

The scheme, which will be open to drivers from 1 May 2024, will see drivers contribute 5 per cent of every completed trip to their pension savings, with Bolt contributing a further 3 per cent.

Bolt and Aviva worked together to remove the auto-enrolment qualifying earnings criteria normally applied to worker pensions, which is a minimum of £120 and a maximum of £967 per week.

This means that every completed journey on the UK-based private hire vehicle drivers’ account will be eligible for the 8 per cent contribution, regardless of how often they use the platform.

Bolt will also cover all joining costs for drivers who invest in the scheme, although drivers registered on Bolt's platform will remain independent contractors.

Provided by Aviva’s workplace pensions business, the scheme is structured as a private group personal pension, allowing self-employed drivers to contract directly with Aviva.

The scheme also offers drivers the option to invest in a Sharia Fund.

Commenting on the launch, Bolt UK senior operations manager, Emily Dalton, 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.”

Aviva director of workplace savings & retirement, Emma Douglas, added: “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.

“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.”

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