Place to stay for a regular payment (7)

I believe the answer is:

pension

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'for a regular payment' is the definition.
(pension is a kind of regular payment)

I don't understand the remainder of the clue.

Can you help me to learn more?

(Other definitions for pension that I've seen before include "Retiree's income" , "support for the elderly" , "Regular payment for older people" , "Retired person's income" , "Bed and breakfast or small hotel in France" .)

I've seen this clue in the Evening Standard.

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