Millions of pensioners are set to miss out on seeing their state pension increase in line with the triple lock next April.

The triple lock mechanism – introduced in 2011 – ensures state pensions rise each April by the highest of average earnings growth, inflation or 2.5 per cent.

The period used for average earnings growth is the annual increase in the period from May to July, while September’s consumer price index (CPI) figure is used for inflation.

Inflation is set to come in at around 3.9 or 4 per cent in September, but though the exact figure for average earnings growth is not yet known, it is expected to be higher than this, and will be the figure used for the triple lock.

But some retirees will see part of their payment rise only by inflation due to the way the state pension

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