Dumfries and Galloway Council has revealed two transfers of pension funds totalling £60m.
The authority’s pensions sub-committee said it had moved funds away from UK equities after a period of extreme volatility.
Two transfers have taken place; £35m on 30 November 2018; and £25m on 16 January 2019.
There is now a small balance of approximately £10m still to be transferred.
The funds have been moved to corporate bonds.
The council is also looking to invest in UK property funds but is taking a cautious approach.
A report to councillors said: “Given the current political uncertainty it is advised that we delay any investment until later in the year.”
