Defined benefit (DB) pension scheme funding improved in June, despite political uncertainty in the UK, according to Broadstone’s latest Sirius Index.

The index measures how various scheme strategies are performing on their paths to low dependency through tracking a growth-focused model scheme and more conservative matching-focused model scheme.

In June, the growth-focused investment strategy saw its funding level on a low dependency basis increase by 0.8 percentage points to 93.1 per cent.

Meanwhile, the funding level of the matching-focused scheme rose by 0.5 percentage points to 89.9 per cent over the month.

Both schemes started 2026 with a funding level of 90 per cent, with the matching-focused scheme therefore almost at the same funding level as it began the year with.

The growth-focused scheme has typically outperformed the matching-focused scheme since April, driven by the strong performance of return-seeking assets and tightening credit markets.

“Pension schemes can generally be expected to have improved their funding positions throughout June,” commented Broadstone head of trustee services, Chris Rice.

“Thankfully, the political uncertainty and impending change of Prime Minister has not spooked the bond markets which has allowed pension scheme funding to remain stable.

“Growth assets also performed well in June which has contributed to positive scheme funding progression, especially in the scheme with a stronger focus on these types of investment.”

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