More than 1.1m people over pension age could pay income tax on savings accounts

Charlene Young, senior pensions and savings expert at AJ Bell, said: “Most people have a personal savings allowance – £500 or £1,000 for higher and basic rate taxpayers respectively – which offers some protection from the taxman’s clutches. Likewise, Isas and pensions are the perfect way to shield your savings and investments and maximise your returns.”