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I believe it was announced in 2010 by the Treasury, when the task of governing the country was handed over to the Tories, that there wasn't any money left.

I'm one of the lucky ones - I got my bus pass on my 60th. birthday, just before they started mucking about with the age limit, and I just managed to get to 65 in time to start collecting my OAP at that point (I actually delayed claiming it for 6 months to get an extra 1%). Yes, I worked hard...