The analysis, which exclude transfers, has been published by intermediary database provider Equifax Touchstone.

The data, which the company said covers more than 90% of the UK’s leading life and pensions companies, shows that including transfers, total pension investments stood at £27.7 billion, up by 25.8% on the previous year. In 2014 it was £22.0 billion.

Transfers across all pension products were up by 10.4%, with £15.6 billion of pension funds transferred during the year.

Following the introduction of pension freedoms in April 2015, £2.09 billion has been invested into flexible drawdown pension products via single premiums and transfers. Single premium flexible drawdown inflows were up 98% in the last quarter to £116.1 million, a value increase of £57.5m compared to Q3.

Geoff Greensmith, director at Equifax Touchstone, said: “It’s positive to see that pension inflows have been immune to market volatility, with savers increasing their investments throughout 2015. The last year has been a rollercoaster-ride for the pensions world.

“Pensions are going to remain in the headlines and keeping on top of changes will be a priority for advisers in the year ahead. They will need to help clients navigate through the legislation to ensure the best outcome for them.

“We anticipate strong inflows for 2016 as investors seek out the best solution for both new investments and their existing pension savings.”