Entry 2 senses · 2 variants Webster, 1913 Outpension · Out·pen·sion · IPA v. t. n. 01 v. t. To grant an outpension to. 1. To grant an outpension to. 02 n. A public pension granted to one not required to live in a charitable institution. 1. A public pension granted to one not required to live in a charitable institution.