There are multiple definitions - click on the translation that matches your context.
pension means:
Substantiv
partial
noun
This German concept of Altersversorgung is comprehensive and encompasses different types of provisions for old-age, disability and survivors' provisions. Obviously, every country's system of pensions will have its own distinguishing features, but the general idea that a reserve exists to take care of those who are in need late in life is identical.
money paid regularly by the government or a private company to a person who has retired from work (=no longer working because they are too old or too ill) or to a surviving relative of a person who has died and who had the right to assign their pension to another person
Widows who remarry or move in with a new partner would lose their military pensions.