The pair, who had just withdrawn the money from a bank, were targeted as they walked down an alleyway next to Pedder Street, Morecambe.
Darren O’Connor, 46, of Mayfield Avenue, Lancaster, previously pleaded guilty to robbery. He appeared at Preston Crown Court on Friday and was sentenced to 33 months in jail.
A second man, Martin Kavanagh, 37, of Thornycroft Road, Liverpool, was jailed in November last year for eight years for his role in the robbery.
“This was a frightening ordeal for the couple to have to go to through," said Detective Constable Sue Palmer, Lancaster CID, speaking after the sentencing, "and although two men are now behind bars this will not ease the financial pressures placed on the couple as a result of losing such a substantial amount of money.”