Under the triple lock, the UK’s state pension rises each year by whichever is highest out of inflation, wage growth or 2.5%.

The OBR revised up its public debt forecast in 2075 from 270 per cent as a share of GDP to 300 per cent due to higher pension spending.

Under the triple lock, the UK’s state pension rises each year by whichever is highest out of inflation, wage growth or 2.5%.