Analysis by the Mail on Sunday estimates this would result in an average increase of £6 per week or £312 a year.

Despite the ongoing controversy over the Government scrapping its triple pledge, this would represent one of the largest increases to state pension payments on record.

In reaction to the Government’s decision, Maike Currie, investment director at Fidelity International, outlined why this course of action has been taken regarding the state pension.

Ms Currie explained: “The one-off suspension to the triple lock for the state pension has been offered as a way to reset the balance between generations while addressing the data anomaly of an 8.8 percent increase in average earnings.

“By only suspending the triple lock for one year, the Government has avoided scrapping the manifesto promise completely, instead relying on a double lock of inflation or 2.5 percent - whichever is higher.

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