Serenity
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Jehovah's Witnesses may have stopped using the specific word "dispensation" as it's become somewhat archaic, but it is a Biblical term, translated from the Greek word oi•ko•no•mi'an and the Latin word, di•spen•sa•tio'nem and it is used at Ephesians 1:10 in the King James Version, American Standard Version, Young's Literal Translation, Douay-Rheims Bible, Literal Standard Version, English Revised Version, Webster's Bible Translation, NKJV, and other translations. In some translations it is translated as "administration", as in Rotherham's Literal Translation and the NWT, which has a footnote providing details of the Greek and Latin origins of the word. It doesn't mean "dispense" as in get rid of, or throw out.Thankfully the WT has dispensed with the Dispensationalism talk.
An online source defines it in the theological sense as:
Dispensation: Theology. the divine ordering of the affairs of the world.
an appointment, arrangement, or favor, as by God.
a divinely appointed order or age:
the old Mosaic, or Jewish, dispensation; the new gospel, or Christian, dispensation.
The Weymouth Translation puts the verse at Ephesians 1: 10 this way:
"for the government of the world when the times are ripe for it--the purpose which He has cherished in His own mind of restoring the whole creation to find its one Head in Christ; yes, things in Heaven and things on earth, to find their one Head in Him." Ephesians 1:10
I believe JWs still believe and teach that God has a grand plan for the government of the world that will bring about the restoring of the whole creation under Christ, as well the essence of the various other periods of Biblical history. So it seems correct that Penton, in his recent video above, is quite correct in saying that Jehovah's Witnesses are "dispensationalists".
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