The triple lock mechanism ensures the state pension sum increases each year by the highest of: 2.5 percent, inflation or average earnings. It was temporarily suspended this year in favour of a double lock due to warped earnings data as a result of the COVID-19 crisis.

However, the return of the policy next financial year has delighted pensioners, many of whom are banking on a bumper boost given double digit inflation.

While Conservative politicians have pledged their commitment to the policy for the rest of Parliament, an expert has warned the future of the triple lock may be at risk.

Tom Selby, head of retirement policy at AJ Bell, said: “The triple-lock seems to be under perennial threat, in part because the wild economic ride we have been on in the last few years has swelled the costs associated with uprating the state pension.

“The Government’s commitment to this pledge proved paper-thin when average earnings in the three months to July 2021 – the figure usually used for the triple-lock the following year – surged past eight percent.

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"While the new state pension would increase by £24.10 to £209.25 per week (£10,881 per year).

“This could cost the Treasury well in excess of £10billion – a huge price to pay for the keys to Number 10.

“What’s more, this isn’t a one-off cost – it would fall on the Exchequer every year.”