Personal Pension  

Royal London boss urges Osborne to drop Pension-Isa plans

Funds under administration on the platform also increased by 13 per cent from £8.9bn to £10.1bn.

Mr Loney added: “In a very difficult market for all asset managers and platforms, Royal London Asset Management and Ascentric both had a good year.

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“This was achieved despite the increasing volatility of markets, and changing investor risk appetites, which have left several of our fund management competitors facing net outflows.”

Mel Kenny, a Chartered financial planner at Radcliffe & Newlands, commented: “Turning the EET pension rules completely upside down would create absolute mayhem and go against the government preference to nudge, but it would the sort of money spinning exercise they might feel they can get away with early in their government term. Cue protests!”