In reference to dating and relationships.It's and older man or woman who may be retired or not and is in a relationship with a younger man or woman who are usually twice or three times the age of the younger man or woman.
People hired and paid by an American governmental agency (can be city, state, or federal) to do a service that directly helps people. These people are given a pension, but are mean and angry with people who call on the phone or in person. They hate the job, but love the benefits including the pension. Examples can be found all over any state.
A considerably younger male or female that pesters, harasses and manipulates those of pensionable age for money, sex and use of their free bus pass/mobility badge
When people around you start to retire and you come to the awful realization that, despite a lifetime of working you have no money saved and no plan for your financial future other than work. In other words, the closest thing to retirement in your future is death.
"Honey, we won't be relocating to North Carolina after retirement next year. I've been diagnosed with a pension deficit disorder, and I'll be working until I die instead. Maybe you can relocate after you collect my life insurance payout..."
Takes the words pension and penalized to form new word meaning one who has had his or her pension reduced or eliminated by the company that they had served during their working life.
Poor mr jones has been pensionalized and is now living on the street due to his former employer taking away his pension after serving them faithfully for 38 years.