The number of pensioners set to pay tax on their savings will exceed two million for the first time according to new figures, more than quadrupling over the last four years. Andrew Wright, head of savings at Paragon Bank, which obtained the figures, said: "The personal savings allowance has remained unchanged, so more people are being pulled into the tax net as their incomes and savings interest rise. The number of pensioners set to pay tax on their savings has exceed two million for the first time according to new figure (Getty/iStock)Under current rules, income tax is due on earnings above the personal allowance of £12,570. Basic-rate taxpayers can also keep an additional £1,000 in savings interest from HMRC each year, dropping to £500 for higher-rate taxpayers. There is no savings interest allowance for additional-rate taxpayers.