Definition of "pension"

pension¹

/ˈpɛnʃən/

noun
plural pensions
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.
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. (now historical) A regular allowance paid to support a royal favourite, or as patronage of an artist or scholar.
verb
third-person singular simple present pensions, present participle pensioning, simple past and past participle pensioned
1. (transitive) To grant a pension to.
2. (transitive) To force (someone) to retire on a pension.

pension²

/pɑ̃ˈsjɔ̃/

noun
plural pensions
1. A boarding house or small hotel, especially in continental Europe, which typically offers lodging and certain meals and services.
  Quotations
  A pension had somewhat less to offer than a hotel; it was always smaller, and never elegant; it sometimes offered breakfast, and sometimes not
  1978, John Irving, The World According to Garp
2. (obsolete) A boarding school in France, Belgium, Switzerland, etc.