Mr Selby explained: “The decision to scrap the earnings element of the state pension triple-lock in 2022/23 means retirees will ‘only’ enjoy a 3.1 percent rise in the benefit in April next year.

“Savers also face the risk of inflation climbing higher next year, meaning a 3.1 percent increase might actually feel like a cut in real terms.

“If, for example, inflation runs at four percent over the next 12 months, a 3.1 percent rise would represent a 0.9 percent drop once those rising prices are accounted for.

“If you think of someone receiving the full flat-rate state pension of £179.60 per week in 2021/22, if inflation runs at four percent the benefit would have needed to increase to £186.80 to retain its spending power.”