TPR warns changing name of a business ‘doesn’t change pension duties’
The Pensions Regulator (TPR) has warned businesses that they cannot dodge their workplace pension duties by changing their company name.
According to the TPR, some employers are committing offences by creating new businesses, transferring their workforce and liquidating the ‘old’ business. Other employers claim that they have no workers; however, the TPR can see from its data that they are paying wages.
The Regulator is working in conjunction with the Insolvency Service to tackle the issue.
Regarding rebranding, the TPR stated that there is ‘nothing wrong with genuine rebranding’, and that rebranding has no impact on an employer’s automatic enrolment duties. A business carrying out a rebrand is ‘still the same entity’, and the TPR will ‘take action if employees are denied the pensions they are entitled to’.
Commenting on the issue, Darren Ryder, Director of Automatic Enrolment at the TPR, said: ‘Some bosses might think that by changing the name of their company they can avoid their duties, but they should know they are on our radar.
‘We will not tolerate any attempt to deny employees the workplace pensions they are entitled to – and will take action against those who try to dodge their duties.’