I. pen ‧ sion 1 S2 W2 /ˈpenʃ ə n/ BrE AmE noun [countable]
an amount of money paid regularly by the government or company to someone who does not work any more, for example because they have reached the age when people stop working or because they are ill:
At what age can you start drawing your pension?
If you are self-employed, you should think about taking out a private pension.
Many people find it hard to live on a basic state pension.
She pays a quarter of her salary into a pension plan.
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COLLOCATIONS
■ verbs
▪ get/receive a pension
They receive the basic state pension.
▪ draw your pension (=receive it)
He's got another ten years before he draws his pension.
▪ collect your pension (=receive it or go to get it)
She went to the post office every week to collect her pension.
▪ pay into a pension (=pay money regularly so that you will have a pension later)
They have been unable to pay into a pension.
▪ take out a pension (=make arrangements to have a pension later)
People were encouraged to take out private pensions.
■ ADJECTIVES/NOUN + pension
▪ an old age pension
State old age pensions were introduced in 1908.
▪ a retirement pension
Many workers lost their retirement pensions when the fund collapsed.
▪ a state pension British English , a public pension American English (=one that the government pays)
They argued that the state pension should rise in line with average earnings.
▪ a company/occupational pension (=one that your employer pays)
I've been paying into the company pension scheme for 20 years.
▪ a private/personal pension (=one that you arrange with a private pension company)
The percentage of the workforce with a private pension has declined.
■ pension + NOUN
▪ pension contributions (=money that you pay into a pension)
You can make additional pension contributions.
▪ pension provision (=when you pay money regularly so that you will have a pension later)
They can't afford to make adequate pension provision for themselves.
▪ pension age (=the age when you can get a pension)
Most men stayed in their jobs until pension age.
II. pension 2 BrE AmE verb British English
pension somebody/something ↔ off
1 . to make someone leave their job when they are old or ill, and pay them a pension:
Not everyone wants to be pensioned off at 65.
2 . informal to get rid of something because it is old or not useful any more:
Many of the old ships have been pensioned off.
III. pen ‧ si ‧ on 3 /ˈpɒnsiɒn $ pɑːnˈsjoʊn/ BrE AmE noun [countable]
a small cheap hotel in France and some other European countries