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Rise when annuity’s quietly removed by college (9)

Ross

I believe the answer is:

ascension

I'm a little stuck... Click here to teach me more about this clue!

'rise' is the definition.
(synonyms)

'when annuity's quietly removed by college' is the wordplay.
I cannot quite understand how this works, but
'when' could be 'on' (I've seen this in other clues) and 'on' is found within the answer.
'college' could be 'c' and 'c' is found within the answer.
This may be the basis of clue (or it may be nonsense).

Can you help me to learn more?

(Other definitions for ascension that I've seen before include "Island in the South Atlantic" , "religious feast" , "Canonise on the way up to heaven" , "holy day" , "distance in hours measured by this, right?" .)

I've seen this clue in The Hindu.
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