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Please provide a breakdown, by year, of the real-term cost of providing the 60+ London Oyster Photocard since its introduction in 2012/13? Please also list the projected cost of funding this concession until 2024.
The 60+ photocard enables all London residents aged over 60 years of age to enjoy the benefits formerly provided by the Freedom Pass before the government decided to increase the age of Freedom Pass eligibility from 60 in 2010. The Freedom Pass eligibility age – which is set by Government - will reach 66 in 2020.
Table A contains estimates of the revenue foregone from the provision of the 60+ London pass since its introduction. This represents Transport for London’s (TfL’s) estimate of the fares that would be paid in the absence of the concession, accounting for an estimated reduction in demand if full fares were charged to this group. The revenue foregone includes journeys on all modes including payments to the Train Operating Companies for acceptance of the pass and is at RPI-adjusted 2019 prices. Estimated revenue foregone is reported annually in TfL’s Business Plan.
Table B sets out the projected figures based on TfL fares and population growth assumptions as set out in their recent Business Plan.