We analyze accuracy of different low-dimensional reductions of the collective dynamics in large populations of coupled phase oscillators with intrinsic noise. Three approximations are considered: (i) the Ott-Antonsen ansatz, (ii) the Gaussian ansatz, and (iii) a two-cumulant truncation of the circular cumulant representation of the original systems dynamics. For the latter we suggest a closure, which makes the truncation, for small noise, a rigorous first-order correction to the Ott-Antonsen ansatz, and simultaneously is a generalization of the Gaussian ansatz. The Kuramoto model with intrinsic noise, and the population of identical noisy active rotators in excitable states with the Kuramoto-type coupling, are considered as examples to test validity of these approximations. For all considered cases, the Gaussian ansatz is found to be more accurate than the Ott-Antonsen one for high-synchrony states only. The two-cumulant approximation is always superior to both other approximations.