Chancellor Rachel Reeves sparked fury for axing winter fuel payments for most pensioners (Image: Getty)

       The state pension triple lock increase is set to be largely wiped out by winter fuel cuts and rising bills, according to new analysis. The basic state pension rose by ￡361.40 this month under the triple lock formula.

       But research by the Liberal Democrats claims this will virtually all be used up on rising household bills such as energy, water and council tax, and the loss of the winter fuel allowance. The analysis found a household of two OAPs on the basic state pension who previously received the full ￡300 winter fuel payment will see a hit of ￡720, while their combined state pension increase is ￡722.80.

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       Lib Dem work and pensions spokesperson Steve Darling said: "The triple lock is being wiped out by a triple hit of winter fuel payment cuts, council tax hikes and rising bills.

       "This Labour government has treated pensioners appallingly, leaving them cold in the winter and vulnerable to price hikes in the spring.

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       "Liberal Democrats are proud we brought in the triple lock and lifted so many pensioners out of poverty. But we are deeply worried this government is reversing that progress and leaving pensioners without the support they need."

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       The new state pension, for those who claimed after April 2016, went up by ￡472 a year from Sunday.

       For a household of two older people on the new state pension, they would be left with about ￡200 after taking into account being stripped of the winter fuel allowance and increasing bills, according to the analysis.

       Dennis Reed, director of the Silver Voices campaign group for over-60s, warned OAPs are also being pulled into paying income tax due to the frozen tax-free personal allowance.

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       He said: “In addition to this sober analysis I would add that the majority of pensioners are already being taxed on their state pensions because of the frozen tax threshold and therefore immediately lose 20% of the triple lock increase.

       "This anti-pensioner and ageist government has abandoned millions of older people to a retirement without dignity.”

       Under the triple lock, the state pension is uprated each April in line with whichever is highest out of 2.5%, inflation, or earnings growth.

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       The analysis comes as Labour has faced an ongoing backlash for restricting winter fuel payments to only older people on pension credit.

       A government spokesperson said: “We’re improving the lives of millions of pensioners through our ￡7.84billion additional funding for the State Pension this year. That means up to ￡470 extra in pensioners’ pockets from this week and comes alongside our work to boost Pension Credit uptake, and the ￡26billion we’ve invested in the NHS that has seen waiting lists in England fall for five months in a row.

       “This government is committed to giving all pensioners the dignity they deserve in their retirement. Those who have worked hard throughout their lives, paying into the system, are owed nothing less.”