The £1.6bn (€2.4bn) Nationwide Building Society Pension Fund has diversified its investment portfolio, putting money for the first time into infrastructure and currency management as well as increasing its allocation to property.

Pension funds value infrastructure assets because the long-term returns they yield are regarded as a good match for liabilities. But consultants have said that many of their institutional clients which are interested in making allocations have been held up by a lack of suitable funds.