Retired characters taking part in skinny-dip is nice and tasteless (7)

I believe the answer is:

insipid

I'm a little stuck... Click here to teach me more about this clue!

'tasteless' is the definition.
(synonyms)

'retired characters taking part in skinny-dip is nice' is the wordplay.
'INSIPID' is hidden back-to-front in amongst the letters.
However, I am unsure how the hidden word is indicated.

'and' is the link.

Can you help me to learn more?

(Other definitions for insipid that I've seen before include "Dull" , "dry" , "flat" , "without taste" , "Very weak" .)

I've seen this clue in The Independent.

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