Rishi Sunak set to give eight million households extra cash up to £1,100 to help pay bills | Personal Finance | Finance

The triple lock, introduced in 2010, guarantees the state pension will rise in line with either inflation, earnings or 2.5 per cent, whichever is the highest.

But with inflation near 10 percent, the Treasury could save around £4.5billion a year if it raised pensions in line with wages – now around 5.5 percent – instead.

When asked whether he will abandon the triple lock, Mr Sunak said: “My track record as Chancellor shows I care very much about pensioners.

“I can’t comment on any decision days before a financial statement. But we will put fairness and compassion at the heart of all the decisions we make.