State pensioners can get more than £7,000 in benefits and discounts | Personal Finance | Finance

Millions of pensioners are set to receive more than £6,000 in extra Government support over the coming financial year. It’s worth knowing when a person’s payments will arrive and people may want to put in a claim for any benefits they are eligible for immediately, so they can get the extra help as soon as possible.

The full basic state pension is currently £141.85 a week while the full new state pension is £185.15 a week.

All state pensioners will get a boost to their income next month as payments go up 10.1 percent. This will increase the basic state pension to £156.20 a week while the full new state pension is going up to £203.85 a week.

Here are some of the extra means of support available to state pensioners:

Pension Credit – up to £3,500

This supports pensioners on low incomes with their daily living costs. The benefit tops up a single person’s weekly income to £182.60, or up to £278.70 for couples.

The benefit is increasing by 10.1 percent in the new financial year, increasing to £201.05 a week for single people and £306.85 for couples.

People who have saved up money towards their retirement can get an extra payment which is currently £14.48 for single people and £16.20 a week for couples.

Pension Credit claimants aged 75 and over can also get a free TV licence saving a person £159 a year and can get additional payments depending on their situation, such as if they care for someone.

READ MORE: Savings warning as millions of Britons face losing £2,700 to inflation

National Insurance contributions cut – more than £2,000

A person no longer has to pay National Insurance (NI) contributions once they reach state pension age even if they choose to continue working.

This can have a big impact in reducing a person’s yearly tax bill, with the income threshold for paying NI currently at £12,570 for employees.

This means a state pensioner earning £30,000 a year would save £2,398.59 in the 2022/23 tax year, according to Which?.

People only pay NI on their employment income so those who retire before reaching the state pension age, which is currently 66, will not pay it if they get their income from pensions or savings.

Cold Weather Payment – £25

This scheme provides £25 payments for eligible people when temperatures fall below zero, or are forecasted to be below zero, for seven consecutive days in a particular area.

People on Pension Credit are eligible for the payments with the scheme running from the start of November to the end of March.

Payments go out automatically to those who are eligible and payments were made in some postcodes several times this past winter, with some people receiving £75 in total.

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.