What is the ruling on a pension salary paid monthly to the bank in exchange for receiving a pension salary after sixty [years of age]?

The described scenario is a form of prohibited commercial insurance, for several reasons, including that it is a type of gambling (maysir) and a loan with interest (riba).

Therefore, it is not permissible to enter into this contract. Whoever has entered into it must repent to Allah, annul it, and take back only what they paid. If they were given more, they must dispose of the excess by spending it on the welfare of Muslims.