It it understood the the Treasury expects the full state pension to rise by more than £400 next year, according to reports by the BBC.
The news outlet said it has seen internal calculations suggesting the triple lock is likely to be uplifted by average earnings and therefore boost the state pension above inflation next year.
This increase would take the full state pension for men who were born after 1951 and women born after 1953 to around £12,000 next year, after a £900 increase last year, according to the BBC.
Keir Starmer and the Labour party committed to retaining the state pension triple lock in their election campaign.
Jon Greer, head of retirement policy at Quilter, thought the sustainability of the triple lock in the long-term was “questionable”.
He said: “It remains a contentious issue in pension policy, with no government willing to make drastic changes due to the potential backlash from a core voter base.
“Given recent changes to winter fuel payments which spurred immediate calls for a rethink due to the number of people who will struggle to pay their bills this winter as a result, any alterations to the triple lock by Labour seem entirely remote and more so given Rachel Reeves’ recent confirmation that it would stick by the policy.”
In the Autumn Statement last year, chancellor Jeremy Hunt committed to the triple lock in full by increasing the state pension by 8.5 per cent this April.
This meant those with the ‘old’ state pension would receive £8,814 per year while those with the ‘new’ state pension would receive £11,502.40 per year.
The triple lock ensures that the state pension increases every April by the highest of inflation, average wage increase, or 2.5 per cent.
This mechanism helps to maintain the purchasing power of pensions and provides financial security for retirees.
Although the uplift in state pension was a positive for pensioners, Greer believed it was “essential” to consider the broader implications and sustainability of the triple lock policy.
Greer added: “The debate around the triple lock often intersects with discussions on the appropriate level of the state pension relative to mean full-time earnings. There is a need for a consensus on the state pension level and a fair mechanism to ensure its value is maintained over time.
“Without such an approach, each uprating of the state pension risks creating generational divides. A system more closely aligned with average earnings might be more cost-effective and better reflect the nation’s overall prosperity,” he added.
It comes after Reeves announced in July the government would be removing the winter fuel payment from those not in receipt of pension credit or other means tested benefits.
"Let me be clear, this is not a decision I wanted to make, nor is it the one that I expected to make, but these are the necessary and urgent decisions that I must make," said Reeves.
