By employing the highly reducing aluminyl complex [K{(NON)Al}]2(NON=4,5‐bis(2,6‐diisopropylanilido)‐2,7‐di‐tert‐butyl‐9,9‐dimethylxanthene), we demonstrate the controlled formation of P42−and P44−complexes from white phosphorus, and chemically reversible inter‐conversion between them. The tetra‐anion features a unique planar π‐bonded structure, with the incorporation of the K+cations implicit in the use of the anionic nucleophile offering additional stabilization of the unsaturated isomer of the P44−fragment. This complex is extremely reactive, acting as a source of P3−: exposure to ammonia leads to the release of phosphine (PH3) under mild conditions (room temperature and pressure), which contrast with those necessitated for the direct combination of P4and NH3(>5 kbar and >250 °C).