Grand old guard giving timely information (4,5)

I believe the answer is:

gold watch

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'timely information' is the definition.
I don't know anything about this answer so I cannot judge whether it can be defined by this definition.

'grand old guard' is the wordplay.
'grand' becomes 'g' ('G' can be a synonym of 'grand').
'guard' becomes 'watch' (watch is a kind of guard**).
'g'+'old'+'watch'='GOLD WATCH'

'giving' acts as a link.

Can you help me to learn more?

I've seen this clue in the Evening Standard.

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