[pen-shuhn; French pahn-syawn for 3]
noun, plural pensions [pen-shuhnz; French pahn-syawn for 3 ] .
a fixed amount, other than wages, paid at regular intervals to a person or to the person's surviving dependents in consideration of past services, age, merit, poverty, injury or loss sustained, etc.: a retirement pension.
an allowance, annuity, or subsidy.
a boardinghouse or small hotel.
room and board.
verb (used with object)
to grant or pay a pension to.
to cause to retire on a pension (usually followed by off ).

1325–75; Middle English (< Old French pensïon) < Latin pēnsiōn- (stem of pēnsiō) a weighing out, hence, a paying out, installment paying, equivalent to pēns(us) (past participle of pendere to weigh out, pay by weight, equivalent to pend- verb stem + -tus past participle suffix, with dt > s) + -iōn- -ion

pensionable, adjective
pensionably, adverb
pensionless, adjective
nonpensionable, adjective
unpensionable, adjective
unpensioned, adjective
unpensioning, adjective
well-pensioned, adjective Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
pension1 (ˈpɛnʃən)
1.  a regular payment made by the state to people over a certain age to enable them to subsist without having to work
2.  a regular payment made by an employer to former employees after they retire
3.  a regular payment made to a retired person as the result of his or her contributions to a personal pension scheme
4.  any regular payment made on charitable grounds, by way of patronage, or in recognition of merit, service, etc: a pension paid to a disabled soldier
5.  (tr) to grant a pension to
[C14: via Old French from Latin pēnsiō a payment, from pendere to pay]

pension2 (pɑ̃sjɔ̃)
1.  a relatively cheap boarding house
2.  another name for full board
[C17: French; extended meaning of pension grant; see pension1]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

mid-14c., "payment for services," especially "reward, payment out of a benefice" (early 14c., in Anglo-L.), from O.Fr. pension "payment, rent," from L. pensionem (nom. pensio) "payment, rent," from pensus, pp. of pendere "pay, weigh" (see pendant). Meaning "regular payment
in consideration of past service" first recorded 1520s. Meaning "boarding house, boarding school" first attested 1640s, from French, and usually in ref. to places in France or elsewhere on the Continent. Pensioner first recorded late 15c.
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Cultural Dictionary

pension definition

Payments made to a retired person either by the government or by a former employer.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
All private, local, state and federal pensions are fully taxed.
We could eliminate starvation rapidly, if governments could agree on common
  taxation to pay for pensions.
We need more people today to keep labor costs down and pensions afloat, and
  we'll figure out how to feed them later.
These will include difficult to people s retirement pensions.
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