The lender will now sell L&G’s protection, investment and pension products. As part of the agreement L&G has completed the acquisition of Nationwide Life and Nationwide Unit Trust Managers for £293m.

Graham Beale, chief executive of Nationwide said: “The society is now able to offer members a broader range of products to meet their protection and investment needs. For the first time an ethical trust will be available – an exciting new addition to a range of investment trusts, as well as innovative new policies like the family life insurance plan to protect families.”