One in five (2.7m) over-60s on pensions could be dragged into the higher 405 tax bracket by 2028 if thresholds remain frozen, according to new calculations. And almost half a million will be dragged into the additional, 45% tax band. The figures are based on data from HM Revenue and Customs, obtained by advice, investments and wealth management company Quilter and reported by the Money Marketing website.

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