Re pensions and how they are funded. It varies from country to country so one size does not fit all. If the fund is fully funded and the company folds, that is one senario, If on the other hand the fund is not fully funded then the pay out could be reduced or the fund might have first rights on the breakup value of the airline or be left sucking the hind tit. Again it all depends upon the laws of the country in which the pension / funds are vested.