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Britain's 12 million pensioners are likely to be £105 a year worse off within five years.

The nation’s pension pot is facing a looming ­£1.3billion black hole due to Brexit , warn figures from the independent Office for Budget Responsibilty.

The state pension is set using a triple lock system which means it rises in line with earnings, inflation or 2.5 per cent, whichever is the highest.

The OBR predicts this will be average earnings until 2019 but from 2020-21 the increases will be just the 2.5 per cent figure – hence the £1.3billion shortfall, reports the Sunday People.

Former Lib Dem Health Minister Norman Lamb said: “No one voted to make pensioners £105 a year worse off.

(Image: PA)

"If the Government wants to avoid making the situation worse, they must reject a hard and destructive Brexit.”

Joe Carberry, of pressure group Open Britain, said: “To protect people’s living standards it is essential we continue to trade within the EU single market.”

(Image: Getty)

Paul Johnson, of the Institute for Fiscal Studies think tank, said pay stagnation will be the worst in 70 years. That means workers will be earning no more in 2021 than they were in 2008.

Pensions are also under threat from a review over whether to scrap the triple lock.