The TV license sets UK households back £174.50 a year, but state pensioners can slash that bill down to £0 annually through the use of two legal methods.

For pensioners over the age of 75, they can apply for Pension Credit if their income is lower than £227.10 per week – the rate of the new state pension.

For anyone still on the old one (those who reached state pension age before 2016) will receive £174.50 per week.

Read more: Barclays paying free £175 into bank accounts and ‘many eligible’

Additionally, those on Pension Credit and over the age of 75 can claim a free TV licence.

Brits also don’t need to pay for the TV licence if they don’t watch BBC content, either live or on iPlayer.

They also cannot watch live content from ITV, Channel 4, Channel 5 and the others on streaming-based services either.

However, watching content on those streamers after the fact is completely okay, such as viewing shows like Coronation Street or Hollyoaks on ITVX.

It comes as the BBC admitted they are looking at a reform for the TV licence, with its annual report flagging up concerns over stiff competition from streaming powerhouses like Netflix and a “jeopardy” looming over the TV industry.

The report points to a decline in households coughing up the TV licence fee, translating into fewer quid for the nation’s broadcaster.

The document reveals there were 23.8m licences by year’s end, a dip from 24.1m in the previous fiscal year.

This downturn means a roughly £50m hit to the corporation’s purse, as reported by the Mirror.

With the BBC Charter renewal on the horizon, the top brass are weighing their options for “the best future funding model for the BBC”.

BBC Chair Samir Shah penned in the report: “The fight is on, and it is vital we now think very carefully about the kind of media environment we want for the UK.

“I have already set out some views on this and the board will be saying more over the coming months.

“But all of us are clear that we want to make sure we protect the BBC as a universal service and help it not just to survive, but thrive, for a generation and more.”