There is developing, gradually, a sense, amongst those who have posted, an almost uniform feeling of either suspicion or at least dissatisfaction with a range of financial features. The Triple Lock increase may well be, in smaller terms, a windfall for Motability, similar to the vast unearned profits of some companies as a result circumstances beyond their corporate planning. Hundreds of thousands of members will see a 13% increase, an increase for many, so sorely needed, disappear into the bottom line of a balance sheet. This is not the normal Total Allowance. These are not normal times. Far from it. Members, already struggling with a range of issues, suddenly have a fuel cap increase and rampant inflation. It is time that Motability considered the ethical dimensions and began communicating with us all , discussing this whole complex issue. Kept myself busy today…made soup, washed darks, painted window recesses in a bedroom. Chin up chums! Harry
Harrysback,
You keep referring to the ‘’Triple Lock’ within the context of Motability.
The ‘Triple Lock’ only applies to the state pension for those over state pension age.
What is the triple lock and how does it work?
At present, the state pension is supposed to increase each year in line with whichever of the following three things is highest:
inflation, as measured by the Consumer Prices Index (CPI)
the average wage increase
or 2.5%
For other benefits/allowances (including those used for the Motability Scheme), by convention (and law) they will rise in April 2023, based on the prevailing CPI rate as at September 2022 (i.e. this month’s CPI rate which will be revealed in October). That is of course unless the government changes the legislation to give less/more – with the national debt rising I cannot see it being more!
There is no ‘triple lock’ for these benefits/allowances.