I agree that William Nichol's occupation is listed as Pension. It is difficult to interpret this any more specifically than he was living off a pension income rather than traditional wage. It is a matter of speculation as to the source of the pension, however it is not uncommon to find war pensioners to be listed as such on the 1841 census. Certainly there were not state pensions in 1841, so the government or a private benefactor were likely sources. It is worth checking military records to rule out whether he served in the Napoleonic Wars, as he is about the right age.
James Nichols was an Under Governor (apparently spelled Governer). I expect this meant James worked under the Governor (i.e. head) of a prison. A quick search of 1841 newspapers reveals this use of the occupation, in an account of a prison visit to Feargus O'Connor described in the Northern Star on 20 Feb 1841:
Identifying local prisons is the first step to determining what, if any, additional occupational records may exist for Nichols. Fortunately state-run institutions more commonly have better or more easily accessible records than private institutions.