MRAF retired on full pay, however the rank of MRAF was discontinued some years ago and the number alive is very small. An ACM, AM, AVM Air Cdre etc who retires leaves with a pension. All the details will be the relevant Joint Service Publication on Pensions, however I don't have a link to it.
AB - Close, but worth pointing out that five star officers of all Services promoted prior to 1 Apr 80 were "eligible for either
half pay or active list retired pay", a specially created description and rate consistent with the fact that they are deemed not to retire. Those promoted from 1 Apr 80 onwards were "eligible, during periods for which he does not receive full pay, active list retired pay", full pay applying of course primarily to CDSs until such promotion on appointment as CDS ceased in 1996. Needless to say, the foregoing does not apply to members of the Royal Family holding five star ranks, such as HRH The Duke of Edinburgh and HRH The Duke of Kent.
So, for the avoidance of doubt:
No officer of Flag, General, or Air rank retires, or has retired within living memory, on full pay
Jack