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English definition of “pension”

pension

noun [C]     /ˈpen.ʃən/
B2 an amount of money paid regularly by the government or a private company to a person who does not work any more because they are too old or they have become ill: They find it hard to live on their state pension. He won't be able to draw (= receive) his pension until he's 65.Grants and allowancesRetiring and resigning from work
(Definition of pension noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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