Dispensations means in the bible: Dispensation of gospel refers to when the Lord has at most one authorized servant on earth, who bears both the keys and holy priesthood, and has the divine commission to disperse the gospel to all people. This is when the gospel is revealed to the world anew, so people in that dispensation don’t have to rely on previous dispensations. Since the beginning, there have been many gospel dispensations. According to the Bible, there are at least three dispensations that can be identified with Adam. Another one is associated with Enoch and another with Noah. And so it goes with Abraham, Moses and Jesus along with His Apostles, in the meridian time. Paul speaks of “the dispensation for the fullness of times,” in which God will bring together “all things in Christ” Eph. 1:10. 1:10. This is the dispensation that the Lord has planned and fulfilled since the beginning of time. DC 121,26-32 and 124:41 have been previously hidden. This is the glorious age in which we live. Acts 3:19-21, DC 27:13; 110;11-16; 112;14-32; 12:41; 128:18-21 and 136:37-40.
(in Bible Dictionary)
