State Pensions could rise to more than £200 a week next year.

Millions could see the amount they get in retirement increase under the triple lock system which Prime Minister Liz Truss has hinted at bringing back.

Under the system, pensions either rise by 2.5 per cent in line with average earnings published in September, or in line with the Consumer Price Index inflation figure, depending on which is highest.

State Pensions went up by 3.1 per cent in April under the previous ‘double lock’ system, which removed wages from the equation.

However, with triple lock this year, it is likely that people’s pensions will be linked to inflation, which dropped below 10 per cent at the start of this month.

Senior pensions and retirement analyst at Hargreaves Lansdown, Helen Morrisey, spoke to The Sun about the situation.

Lancashire Telegraph: Liz Truss intends to bring back the triple lock system (PA)Liz Truss intends to bring back the triple lock system (PA) (Image: PA)

She told The Sun: “Inflation eased this month, but it still remains sky high and looks set to stay so for the foreseeable future.

"This means pensioners are in line for a significant pension boost next year as long as the government keeps its pledge to keep the triple lock.

"If the link to Consumer Price Index remains, then we could see pensioners on a full new State Pension get more than £200 per week."

She added: "Last year’s 3.1 per cent increase was no match for soaring inflation and has left many pensioners struggling and so a more generous increase will be welcomed.

"However, any such increase will not kick in until April which feels a very long way away right now for those struggling to make ends meet."