Pensions - Articles - Funding steady as December caps positive 2025 for DB schemes

The Broadstone Sirius Index – a monitor of how various pension scheme strategies are performing on their journeys to self-sufficiency – posts its latest update.

The Broadstone Sirius Index reports its update for December 2025 with both modelled schemes ending the month in a very similar position to how they started it and both schemes improving their funding positions over 2025.

The funding level of the fully hedged scheme fell very slightly from 71.7% at the end of November to 71.6% at the end of December. The funding level of the 50% hedged scheme remained at 108.4 at the end of November and December.

Christopher Rice, Head of Trustee Services at Broadstone, commented: "With a year including an economic shock from US tariff announcements, and concern over the UK’s economic prospects, particularly in the run up to November’s budget, it is encouraging that most defined benefit schemes will have improved their funding positions over 2025.

“Discussions over the new Funding Code are either well advanced, or due to be commenced in 2026 or 2027 so attention will be turning to the journey plan to end game solution. With expectations of another year of a buoyant risk transfer market and emerging run on and consolidator solutions, there are a range of appealing end game solutions to target and strategies to get there.”