Pensions - Articles - Uber urges rivals to join cross industry pension

Kate Smith, Head of Pensions at Aegon, as Uber rolls out its pension plan for drivers for the first time and urges other companies to create a cross-industry pension scheme.

 “Confirmation that Uber has started to roll out its pension plan for drivers is an important step towards better retirement savings for workers who have previously been excluded from auto-enrolment. For the first time drivers who earn over £10,000 a year will be auto-enrolled into a workplace pension and benefit from valuable employer contributions. Workers who meet the age and earnings criteria will benefit from a total pension contribution of 8% based on a band of earnings, with 3% paid by their employer, and 5% paid by the worker, including pension tax relief.
 “Uber is calling for other operators to follow suit to create a cross-industry pension scheme. We hope this will be a catalyst for these other companies in the gig economy where individuals have historically lagged behind in their retirement savings. Pensions offer a degree of longer term financial security and help to provide a base level of income in retirement.”

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