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 July 2025 with funding improvements across both the fully hedged and 50% hedged Defined Benefit (DB) pension scheme amid positive returns from growth assets.
The funding level of the fully hedged scheme rose from 70.3% at the end of June to 70.9% at the end of July, with the deficit falling to its lowest level since tracking started at the beginning of 2022.
Growth asset performance and the underhedged position meant the gains in funding were larger for the 50% hedged scheme, increasing from 106.2% at the end of June to 107.2% at the end of July. The surplus also reached record highs during July suggesting buy-out would be a real possibility for this scheme.
Chris Rice, Head of Trustee Services at Broadstone, commented: “Defined Benefit pension schemes have continued to progress their funding positively during July in the face of global market uncertainty.
With bulk annuity insurers PIC and Just changing ownership during the month, combined with last month’s potential resolution to Section 37 issues and further funding improvements, more schemes will now be thinking again about the suitability of a de-risking transaction.
Conversely, the continued improvement and resilience in defined benefit scheme funding, added to the recent consultation about surplus use, is causing many schemes to consider all future end game options.”
