Source : Webster's Revised Unabridged Dictionary (1913)

Pensionary \Pen"sion*a*ry\, a.
   1. Maintained by a pension; receiving a pension; as,
      pensionary spies. --Donne.

   2. Consisting of a pension; as, a pensionary provision for
      maintenance.

Pensionary \Pen"sion*a*ry\, n.; pl. {Pensionaries}. [Cf. F.
   pensionnaire. Cf. {Pensioner}.]
   1. One who receives a pension; a pensioner. --E. Hall.

   2. One of the chief magistrates of towns in Holland.

   {Grand pensionary}, the title of the prime minister, or or
      president of the Council, of Holland when a republic.

Source : WordNet®

pensionary
     n 1: the beneficiary of a pension fund [syn: {pensioner}]
     2: a person who works only for money [syn: {hireling}]