International Standard Bible EncyclopediaPENSION
pen'-shun (1 Esdras 4:56, the King James Version "and he commanded to give to all that kept the city pensions and wages"; kleros, "allotted portion," usually (here certainly) of lands (the Revised Version (British and American) "lands")): Literally it means simply "payment," and the King James Version seems to have used the word in order to avoid any specialization of kleros. There is no reference to payment for past services.
Webster's Revised Unabridged Dictionary
) A stated allowance to a person in consideration of past services; payment made to one retired from service, on account of age, disability, or other cause; especially, a regular stipend paid by a government to retired public officers, disabled soldiers, the families of soldiers killed in service, or to meritorious authors, or the like.
2. (n.) A payment; a tribute; something paid or given.
3. (n.) A certain sum of money paid to a clergyman in lieu of tithes.
4. (n.) A boarding house or boarding school in France, Belgium, Switzerland, etc.
5. (v. t.) To grant a pension to; to pay a regular stipend to; in consideration of service already performed; -- sometimes followed by off; as, to pension off a servant.