RobertThomas Have heard so many Americans that worked all their lives for a company and then the company turns around and disallows the pension. Very glad to hear that Canada does not do such things.
It happens here too but its not probaby as common as what is experienced stateside. Currently, 18,000 Sears Canada employees may quite possibly lose their pensions and be left with nothing. I can think of several others over the years. Nortel, one if the largest Telcos in NA went bankrupt and its was 7 years that tens of thousands of employees were left with nothing, many with decades of service. A favourable court settlement resulted in them receiving something at least. Happens more with smaller companies , a friend took his commuted then the company went bust, all his fellow employess got screwed ...So there's always the risk . It depends also on the plan, teachers pension plan here is pretty solid so not likely at risk at all.
Just to add, in our Province there is a Government plan that can help with insolvent or underfunded plans. Its not much at 1500 dollars a month max but in the case of the Nortel employees above, the fund and settlement means that they employees only lost 30 % of their pensions.