It follows the omission of the reintroduction of the pensions Triple Lock in last week’s mini-budget.

Under the Triple Lock, State Pensions are increased annually by whichever is highest of 2.5%, wages growth or CPI inflation.

Last year the Triple Lock was suspended, with pensioners instead receiving a 3.1% increase. At the time former Chancellor Rishi Sunak promised the suspension was temporary.

New Prime Minister Liz Truss pledged to restore the State Pension Triple Lock as part of her leadership campaign last month.

Inflation is expected to be the highest factor this year, with pensioners expecting a 10% or higher rise to the State Pension should the Triple Lock be restored.

Hargreaves Lansdown said the most recent refusal to confirm the return of the Triple Lock by the Treasury Secretary could be taken as a risk that the Triple Lock may not be restored during the cost-of-living crisis.

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “These comments will cause real concern among pensioners who were banking on getting an inflationary increase to their State Pension next year under the Triple Lock. Many pensioners have been left struggling with their finances as the cost of energy and food has soared and their incomes have been unable to keep up.

“The Triple Lock was suspended last year as wage data was deemed to have been skewed by the pandemic furlough scheme and pensioners were instead given a 3.1% increase which aligned with CPI inflation at the time. However, it has since soared and many pensioners were banking on a big increase from next April to help them manage.

“The Prime Minister had previously pledged to keep the Triple Lock this year, but these comments bring uncertainty at an already difficult time. Last week’s mini-Budget didn’t really target pensioners and the prospect they could lose out on a decent increase to State Pensions while higher earners pay less tax will not go down well.”

When the State Pension Triple Lock was suspended last year it was met by resistance from the House of Lords and many pension industry stalwarts.

The House of Lords had attempted stop the change to the legislation needed by the Government to suspend the Triple Lock by sending the Bill back to the House of Commons with amendments. However, the revolt was blocked by MPs who passed the legislation without the changes from the Lords when it was returned to them.