[renholder]

>Only thing I wonder about them is what would happen to the pension if the company went out of business.

I can't speak for how they're managed in the states but, in Europe, pensions can be handled in various ways[0]. Generally speaking, they're considered more secured (e.g.: FDIC insurance in the states) than bank accounts and are independent of your actual employer (and follow you, whever you go - even overseas [dependent on bilateral agreements]).

[0] - https://www.pensionsmyndigheten.se/other-languages/english-e...

[Gibbon1]

In the US we have the Pension Benefit Guaranty Corporation. It's responsible for paying out pensions of companies that go bankrupt. This I think was the outcome of Studebaker terminating it's pension plan in 1963.

One change I'd like to see is if a company goes bankrupt the pension fund is ahead of the rest of the creditors. Also underfunded pensions should be considered a liability on the books.