UK defined benefit (DB) pension scheme funding levels remained "robust" in February, despite an unpredictable and rapidly developing economic backdrop, Broadstone's Sirius Index has revealed.

The tracker, which monitors how various pension scheme strategies are performing on their journeys to self-sufficiency, showed only minor change across its half and fully hedged schemes, consolidating the gains recorded in January.

In particular, funding for the 50 per cent hedged scheme saw an increase in the funding level from 103.7 per cent to 103.8 per cent in February, while the surplus held at £1m.

The tracker also showed that whilst the fully hedged scheme’s funding deteriorated slightly in February, with the funding level slipping from 69.9 per cent to 69.7 per cent, the deficit held steady at £8.1m.

"Despite rising geo-political tensions and a sense of economic malaise stoking uncertainty among UK markets, the funding positions of DB schemes encouragingly held their ground in February," Commenting on the update, Broadstone head of trustee services, Chris Rice, said.

“While this will certainly be a relief to trustees and sponsors, they can only hope this continues throughout March in the face of any additional political or economic headwinds.

“In other good news, those schemes that have improved their funding position and protected it may now have a new endgame opportunity with the entry of another insurer into the bulk annuity market, following Brookfield Wealth’s recent announcement.”

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