Pension off
Definition 1 of 2
Pro Tip 1/3Forced Retirement
Implies mandatory retirement, not always voluntary. 
He didn’t want to leave, but was pensioned off by the new management.
Pro Tip 2/3Potentially Offensive
Can be sensitive; suggests someone is too old or no longer useful. 
Some workers feel insulted when they are quickly pensioned off.
Pro Tip 3/3Not Always Age
Can also refer to removing someone because their role is redundant. 
With the new robot installed, we had to pension off several technicians.