Jon Greer, head of retirement policy at Quilter, said: “Truss will struggle to balance the books if she wants to stay true to the Tory manifesto of keeping the triple lock in years to come in light of soaring inflation and her desire to not add any other taxes and slash existing ones.

“This ultimately will throw into question how the incoming social care reforms will also be funded. Something may have to give.

“Pensioners up and down the country will be hoping that it doesn’t start with the triple lock.”

Andrew Tully, technical director at Canada Life, told Express.co.uk although the triple lock is “sustainable, for now”, its future is not certain.