The triple pension lock is loosened by the government

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That could save the Treasury up to £3.5 billion, according to pension industry experts.

It will affect more than 12 million people claiming state pensions, and is effective as of April 2022 – but it’s likely only a temporary change.

This move may be politically charged for the government. Three Conservative prime ministers have defended the triple lock of pensions: David Cameron, Theresa May and now Mr Johnson.

It was a promise in the Conservative Party manifesto in the December 2019 general election that handed Mr Johnson a landslide victory.

“In entering government in 2010, the Conservatives acted decisively to protect UK pensioners,” part of that statement said.

The “triple lock” we introduced means that those who have worked hard and lasted for decades can be confident that the state will be there to support them when they need it. We’ll keep the triple lock.”

Government ministers are expected to argue that they are not abandoning the triple lock but are reacting to the “anomaly” in average incomes that have risen recently as the economy emerges from lockdown.

The observed increase in average income is due, in part, to the fact that a disproportionate number of low-income jobs have been lost during the pandemic.

Figures close to the government have told The Telegraph that the “fairness” argument will be made to justify changes to the tripartite lockout arrangements.

Ministers are expected to note that it would not be right to give people receiving state pensions a 7 per cent increase after a year of furlough and high unemployment.

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