Aviva Launches 'Industry First' Flexible Pension Scheme With Bolt For PHV Drivers

In a significant move for the UK's gig economy, Bolt, a leading ride-hailing service, has partnered with insurance giant Aviva to introduce a pioneering pension scheme for its private hire vehicle (PHV) drivers. This initiative, set to launch on 1 May 2024, marks a notable shift in the benefits available to gig workers, offering them a more secure financial future.

Under this new scheme, all UK-based PHV drivers registered with Bolt will have the opportunity to contribute 5% of their earnings from each completed trip into a pension pot. Bolt will enhance these contributions by adding an additional 3%, totaling an 8% pension contribution per trip. This arrangement is unique in the UK ride-hailing sector, as it does away with the traditional qualifying earnings bracket, which typically ranges from £120 to £967 per week. Consequently, every trip made by a registered driver will count towards their pension contributions, irrespective of their earnings or how frequently they use the platform.

Bolt has committed to absorbing all joining costs for drivers who opt into the scheme. The pension itself is structured as a private Group Personal Pension (GPP), allowing self-employed drivers to engage directly with Aviva. Additionally, the scheme offers an investment option in a Sharia fund, catering to the diverse needs of Bolt's driver community.

Emma Douglas, Director of Workplace Savings & Retirement at Aviva, expressed pride in this collaborative effort with Bolt. She highlighted the scheme's flexibility and its alignment with the evolving auto-enrolment regulations aimed at ensuring even part-time workers and those juggling multiple jobs can secure pension contributions on every pound they earn.

Emily Dalton, UK Senior Operations Manager at Bolt, echoed this sentiment, emphasizing the significance of providing access to a leading pension scheme for drivers within the UK ride-hailing sector. This development not only strengthens Bolt's offering to its drivers but also sets a new standard for gig economy benefits.

Bolt's initiative comes at a time when the company continues to grow its presence in the UK, boasting over 40,000 drivers using its platform daily. This move is part of Bolt's broader commitment to improving working conditions and financial security for its drivers.

Aviva's role in this partnership is underpinned by its extensive experience as the UK's leading diversified insurer. With a customer base of 19.2 million as of 31 December 2023 and having paid out £25.6 billion in claims and benefits in 2023 alone, Aviva's expertise in financial planning and security is well-established. The company has also set ambitious sustainability goals, aiming for Net Zero carbon emissions from its operations and supply chain by 2030 and striving to play a significant role in the global transition towards sustainability.

This collaboration between Bolt and Aviva represents a forward-thinking approach to addressing the financial well-being of gig workers. By providing PHV drivers with access to pension benefits traditionally reserved for employees, both companies are taking meaningful steps towards creating a more inclusive and secure gig economy.