Nest, one of the UK's largest public pension funds by members, is planning a move into the commodity markets — despite a decidedly mixed history for the nation's retirement schemes investing in gold and oil.

Nest — which manages £2.3bn and has six million members — said today is looking for an actively-managed commodities fund. This would be added to a roster that includes high-yield bonds, emerging market debt and property, as well as more conventional stock and bond investments.