The aggregate deficit of the 5,450 defined benefit (DB) schemes in the Pension Protection Fund (PPF) 7800 Index decreased by £8.8bn in January.
This meant the aggregate deficit fell from £31.9bn in December to £23.1bn at the end of January.
Meanwhile the funding ratio increased from 98 per cent at the end of December to 98.6 per cent a month later.
At the end of January, the total assets in DB schemes were £1.6trn, while total liabilities were £1.63trn.
There were 3,190 schemes in deficit and 2,260 schemes in surplus, the PPF stated.
Final salary plans had moved into surplus in November after the pensions lifeboat changed the way funding levels are calculated, but it did not take long for them to slump back into an aggregate deficit.
According to Andy Tunningley, head of UK strategic clients at BlackRock, DB pension schemes beat the January blues with funding levels rising 0.6 percentage points.
He said: "Asset values increased as a result of the best January for stocks in 30 years, boosted by signs that the Federal Reserve were going to be more patient with regards to rate rises and a softening in rhetoric on China from the [Donald] Trump administration.
"Despite bond yields falling once again (10-year gilts ended the month at their lowest month-end level since November 2017) the overall direction was positive for scheme funding.
"With schemes taking stock and thinking ahead to the rest of the year, thoughts have increasingly turned to how trustees can navigate an increasingly volatile market, capture opportunities as they arise and de-risk when appropriate."
maria.espadinha@ft.com
