BarryMonday
Fairly close. Most of the bigger UK airlines had retirement ages of 60 (55 in the case of BA ). So when you hit the button you were out no matter what seat you were in. Purely contractual matter and nothing to do with flying legislation. Your Company pension was triggered at 60. (Also dare I say cheaper to replace you at 60 with a first year Capt or F/O).
So some of the smaller airlines had no upper age limit to their contract which allowed them to take on guys over 60. With the removal of the 20K limit, pilots began to see openings for high experience guys in those companies that had no upper limit on age and/or were willing to take on people on short term contracts. They obviously had to have the flexibility in their operation to roster over 60s in UK or avoiding France, Spain and Italy etc.
The attitude of airlines towards the over 60s is now fairly ambivalent. Obviously the majors don't take them, but one or two take a few and most of the smaller carriers have a small number. Clearly the RHS is an easier option. Generally you will start a new contract on "starter" rates.
You need to be careful. If a company decides to give you the heave-ho don't rely on employment law to keep you going. There have been several cases where an Employment Tribunal has found in favour of the company on the grounds that the individual was beyond the normal retirement age of the company.