From Longman Dictionary of Contemporary Englishpension somebody/something ↔ off1 BECto 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 informalOLD/NOT YOUNG to get rid of something because it is old or not useful anymore Many of the old ships have been pensioned off. → pension→ See Verb table
Examples from the Corpus
pension off• In three years, just thirty-six months, they would pension him off.• They live hand to mouth and get no pension or help off the state.From Longman Business Dictionarypension off phrasal verb [transitive] British English informal1 pension somebody → off to make someone who is old or ill leave their job and pay them a pensionHe had worked hard all his life, and in three years they would pension him off.2 pension something → off to get rid of something because it is too old or not useful any moreOld coal-fired power stations will be pensioned off. → pension→ See Verb table 