Retired person's allowance (7)
I believe the answer is:
pension
'retired person's allowance' is the definition.
(I've seen this before)
This is all the clue.
(Other definitions for pension that I've seen before include "Retiree's income" , "Income in retirement" , "Retirement pay in a Continental boarding-house" , "what oldies may have earned" , "Payment to retired persons a continental boarding house" .)