pension

noun

1. An annuity paid regularly as benefit due to a retired employee, serviceman etc. in consideration of past services, originally and chiefly by a government but also by various private pension schemes.

   “Many old people depend on their pension to pay the bills.”

2. (obsolete)A wage or fee.
3. (obsolete)A charge or expense of some kind; a tax.
4. A sum paid to a clergyman in place of tithes.
5. (historical)A regular allowance paid to support a royal favourite, or as patronage of an artist or scholar.
6. A boarding house or small hotel, especially in continental Europe, which typically offers lodging and certain meals and services.

   “A pension had somewhat less to offer than a hotel; it was always smaller, and never elegant; it sometimes offered breakfast, and sometimes not”

7. (obsolete)A boarding school in France, Belgium, Switzerland, etc.

verb

1. (transitive)To grant a pension to.
2. (transitive)To force (someone) to retire on a pension.