Lord True has defended a new report by the committee he chairs, which suggests age-related benefits should be scrapped.
The Intergenerational Fairness and Provision Committee chair said the divisive document released yesterday was preparing for a future where 72-year-olds were "as fit as a 62-year-old".
"What we are looking at is a new world in which people are going to live to be 100," he told talkRADIO's Mike Graham.
"A 72-year-old of the future is going to be as fit as a 62-year-old of the last generation, so in the future, bus passes should probably not be dropping onto the doormats of millionaires in London at the age of 60."
Among the proposals put forward by the cross-party group were limiting free bus passes for over 65s, and winter fuel payments until five years after hitting retirement age.
"We need to retrain older people. We don't want people put on the scrap heap, there's too much ageism in our society," Lord True added.
"As the population grows, we get more active elderly people, we can look at giving bus passes and those kind of things a higher age."