Value characters coming back from retirement (5)

I believe the answer is:

merit

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

'value characters' is the definition.
'merit' can be an answer for 'value' (thesaurus). I'm unsure of the 'characters' bit.

'coming back from retirement' is the wordplay.
'coming back' says the letters should be written backwards.
'from' indicates the answer is hidden within the clue.
'tirem' is hidden within 'retirement'.
'tirem' written backwards gives 'MERIT'.

Can you help me to learn more?

(Other definitions for merit that I've seen before include "The M in OM" , "Worth; deserve" , "Excellence, desert" , "Goodness" , "credit" .)

I've seen this clue in The Telegraph.

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