pension
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.
Example
“Many old people depend on their pension to pay the bills.”
Other meanings
A sum paid to a clergyman in place of tithes.
A regular allowance paid to support a royal favourite, or as patronage of an artist or scholar.
Word history
From Latin "pēnsiō" (payment, weight, rent, compensation).
Where this comes from
This definition is adapted from “pension” on Wiktionary, by its contributors, published under CC BY-SA 4.0. This page is published under the same licence.