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The Labour Party government may be forced to override the Triple Lock and tweak it. Steven Cameron, pensions director at wealth firm Aegon, warned the Labour Party government could theoretically tweak the metric on November 26.

The Autumn Budget will come after the latest wage growth figures suggested the Triple Lock could rise £574 for new state pensioners. The Triple Lock has been in effect since 2010 and is, by now, a time-honoured tradition and perk.

He said: "While the Government has committed to retain the triple lock, this is an above inflation increase and comes with a high price tag, paid for by today’s workers. If as is being predicted the Budget includes some very tough calls, it’s just possible that the Chancellor might override the formula and grant a lower inc

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