The deficit of private sector, final-salary pension schemes shrank again in February, according to figures from the Pension Protection Fund (PPF).
The PPF said the collective deficit of the 6,316 schemes fell from £211bn in January to £201.5bn.
A rebound in the value of schemes’ assets helped reduce the deficit, the PPF said.
But the estimated cost of paying for current and future pensions meant funds were still in the red.
The position had improved from the end of February 2012, when the deficit stood at £222bn.
The deficits have been coming down since the peak of £317bn in May 2012.