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%, in line with average earnings published in September, or in line with the Consumer Price Index inflation figure, depending on which is highest.

The state pensions went up by 3.1% in April under the previous ‘double lock’ system, which removed wages from the equation.

State pension set to hit more than £200 a week next yearLiz Truss intends to bring back the triple lock system (PA)

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

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

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% 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."