My understanding is that the possibilty of reserve service remains until reaching the age of 55 years (I'm free, yippee!).
Military pensions are paid into the pensioners' bank accounts, not sent to the pensioner's home address!
Having taken my option to leave, the only time I've heard from the RAF was when they wanted me as a High Readiness Reserve pilot. Their letter was forwarded to me via the bank. I declined the offer because I was expected to report for training once a month and the RAF would only cough up duty travel from the nearest airport to Odiham (about £40 back then, if I recall correctly). Unfortunately an economy return flight from where I lived was over £1200.