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Verb: pension off
  1. Let go from employment with an attractive pension
    "The director was pensioned off when he got senile"
     
  2. Grant a pension to
    "The company pensioned off its long-serving employees";
    - pension

Derived forms: pensioned off, pensioning off, pensions off

Type of: award, can [N. Amer, informal], dismiss, displace, fire, force out, give notice, give the axe [informal], give the sack [informal], grant, sack, send away, terminate