A pension fund for dozens of north-east companies has seen its value drop by more than £1 million.
The North East Scotland Pension Fund (NESPF), which is administered by Aberdeen City Council, has seen its assets fall from £4.469 million to £4.367 million in the last 12 months.
It represents a fall in the total asset value of the fund of 2.3%.
In the last financial year, a total of £144 million was paid into the fund by workers and employers.
The fund pays out cash to retirees of nearly 60 companies, most of whom are based in Aberdeen or the north-east.
Aberdeen and Aberdeenshire councils, along with a number of organisations including the Scottish Fire and Rescue Service, Aberdeen Performing Arts and Scottish Water, all pay into it.
The fund also regularly looks for investment opportunities as a way of boosting returns for its clients.
Those who are part of the pension scheme will not be affected.
The value of the fund can fluctuate depending on asset value, however, it does not have any bearing on the people who are signed up to the pension.
In an annual report, Aberdeen City Council pensions committee convener Tauqeer Malik said: “2019/20 was another year of significant activity and achievement with the funds continuing to utilise technology and digital communications, participate and collaborate on national projects and develop our services to meet customer needs.
“However, this work was partially overshadowed by the turbulence we saw in investment markets as a result of the Covid-19 outbreak.
“Despite a solid financial performance throughout the year, the economic uncertainty in the last quarter saw the North East Scotland Pension Fund’s (NESPF) total asset value reduce from £4,469m as at 31 March 2019 to £4,367m as at 31 March 2020.
“The NESPF has a diversified portfolio of assets to help spread the risk of exposure to any one investment area or stock.
“This has ensured the financial impact on the fund is minimal. In order to maintain the success of the fund, it is our duty to continue to make investment decisions from a long-term perspective and we will continue to do so in 2020/21, in what we expect to be another challenging period.”