Crossword Genius

Writers bail one out when eligible for retirement benefit (11)

Ross

I believe the answer is:

pensionable

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'eligible for retirement benefit' is the definition.
I can't tell whether this definition defines the answer.

'writers bail one out' is the wordplay.
'writers' becomes 'pens' (writing implements).
'out' is an anagram indicator (out can mean wrong or inaccurate).
'bail'+'one'='bailone'
'bailone' is an anagram of 'ionable'.
'pens'+'ionable'='PENSIONABLE'

'when' acts as a link.

Can you help me to learn more?

I've seen this clue in The Irish Independent.
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