Royal Opera House to close DB pension

The Royal Opera House is to close its defined benefit (DB) pension scheme to future accrual in the run-up to its auto-enrolment staging date of September 2013.

A consultation with the scheme’s 200 members about the closure will be open until 7 December 2012. The Royal Opera House then intends to close the scheme from 31 January 2013.

Members will be invited to join the ballet company’s stakeholder pension scheme, which has been open since 2007, when the DB scheme was closed to new entrants.

A spokesperson from the Royal Opera House said the main reasons for the closure of the scheme was the level of risk to the organisation and the increasing pension deficit, as well as the added costs of auto-enrolment.