If any of the Labour Party's initiatives should be retained, it's the bus pass. The London Freedom Pass led the way and County Bus pass followed soon after. I got my Freedom Pass at 62 and the national bus pass at 67. It works!! and many older people would avoid the buses so there's no real gain in income by issuing the bus pass.
OK it's got a price but socially it's worth it! Just negotiate the price downwards - the bus companies can afford it because they can't really estimate the "lost" revenue. Socially the govt needs to evaluate the benefit of the OAP community not leaning towards suicide!!