An elderly man - usually lacking style and charisma - who either receives sexual favours, the promise of sexual favours or adulation from a younger person (usually female) in return for very little; boiled sweets, cigarettes, a lift to the shops etc.
See also ‘Salt & Pepper-Mama’.
Person 1: "Hey check it, I totally hooked up with this wicked sugar-daddy and he gave me this diamond necklace and a bag full of coke".
Person 2: "Damn I put out twice last week and all I got was two cigarettes, half a bottle of portello and a freddo frog. I think I got me a salt & pepper-daddy".