Transport for London (TfL) could review the continued rollout of the discounted 60+ Oyster card after new figures revealed it has cost the authority £206million in the last three years.
Fresh estimates show that the photocard, introduced in 2012 and which anyone above 60 who lives in a London borough is eligible for, has become an increasing burden on the TfL budget, prompting calls to scrap it altogether.
TfL estimate that £84million was lost in foregone revenue – the difference if all journeys had been charged at full adult fares – in 2023/24 due to the 60+ Oyster card, which allows free travel on any service except on weekdays between 4.30am and 9am.
This represented a significant increase on the two previous years, in which £71million and £51million was estimated to have been lost respectively, according to information disclosed in a Freedom of Information (FOI) request.
It also dwarfs the £23million shortfall that TfL revealed it had in February.
The FOI also revealed there are 382,737 active 60+ Oyster photocard cardholders, of which almost a third – 119,735 – registered in 2024/25. Once Londoners turn 66, they are able to apply for an Older Person Freedom Pass but in the lead up to that the 60+ Oyster helps pensioners get around at a reduced price.
Liz Emerson, CEO of the Intergenerational Foundation which studies fairness across generations, told the Local Democracy Reporting Service (LDRS): “On intergenerational fairness grounds, the Mayor of London must stop this free travel bung to workers below state pension age.
“Why should struggling younger workers facing unprecedented living costs continue to subsidise this freebie?”
Reem Ibrahim of the Institute for Economic Affairs told the LDRS: “It’s absurd that Transport for London continues to give blanket travel discounts to everyone over 60, regardless of income, at a cost of £84million last year. This is not targeted support to those that are most in need. It disproportionately benefits the wealthiest demographic.
“Over-60s hold £2.89trillion of mortgage-free property, and 25% of all pensioners are millionaires. When TfL is facing a funding gap, and taxpayers are footing the bill, it is entirely unjustifiable to subsidise free travel for those who can readily afford to pay.”
TfL estimate that a third of journeys taken with the 60+ Oyster card would not happen if any fare were charged for these journeys.
Tube fares rose 4.6 per cent in March, with research that month showing that the capital’s public transport fares were the most expensive of any major world city.
The Mayor of London has also reportedly been told by the Transport Secretary to impose above-inflation fare increases until 2030.
But Dennis Reed, Director of Silver Voices, told the LDRS: “Free Oyster Card travel for older people is a lifeline for many to prevent social isolation and loneliness.
“It more than pays for itself by improved mental and physical health, and enables activities such as unpaid caring of grandchildren so that parents can work and voluntary work worth billions to society. What sort of society are we becoming where essential benefits like this are being questioned?”
Last month TfL announced the cost of obtaining a 60+ Oyster card would almost double from £20 to £35, while the annual eligibility check needed to retain the perk will increase from £10 to £18.
A TfL spokesperson said: “Both the Mayor and TfL are committed to making public transport in London as accessible, convenient, and affordable as possible.
“The 60+ Oyster Photocard was introduced in 2012 and provides free travel on TfL and most National Rail services across the city for Londoners when they reach 60 years old. We regularly review our range of concessions to ensure that they continue to benefit Londoners, while also remaining affordable for TfL to operate.”
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