pension_off
1. [ verb ] grant a pension to
Synonyms: pension
Related terms: award pensioner
2. [ verb ] (work) let go from employment with an attractive pension
Examples:

"The director was pensioned off when he got senile"

Related terms: fire retire
3. [ verb ] dispose of; as of old clothes
Synonyms: retire
Examples:

"She finally retired that old coat"

Related terms: discard
Similar spelling:   pension_fund
  pensioner
  pension_plan
  pensionary
  pensionable