The deficit faced by the UK's private sector pension funds was cut to £159bn by the end of October, according to the Pension Protection Fund (PPF).
The 6,533 final-salary schemes remained in the red for a third consecutive month, but the deficit was less than the £196bn recorded at the end of September.
There were 5,175 schemes in deficit and 1,358 schemes in surplus, the PPF said.
Turbulence in the value of shares has hit the health of the pension funds.
These figures are a snapshot of the state of pension funds and do not necessarily reflect the long-term health of the funds.