Millions face a state pension rise cut to save the Treasury billions

MILLIONS face a state pension rise cut from 2020 to save the Treasury billions.

The PM is considering ditching the “triple lock” which ups the payout in line with wages, interest rates or by 2.5 per cent, whichever is highest.

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It has lifted many pensioners out of poverty but experts say it is too costly.

DWP sources are refusing to rule out a review of the perk, aimed at winning the grey vote.

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The move was backed by outgoing pensions minister Baroness Altmann, who stressed pensioners have enjoyed quicker rises in living standards than workers.

She lobbied David Cameron to drop the commitment but he blocked it on political grounds.

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Theresa May is said to be considering linking the rise to wages or interest rates only from 2020.

Britain’s 13 million pensioners would be £10 a week worse off if increases were linked to wages.

Baroness Altmann said: “Keeping the triple lock doesn’t make sense.”