Defined benefit pensions and company bankruptcy
My father has been retired for the past 20 years or so and has been collecting a defined benefit pension from his past employer with whom he worked for 30 years.
The company has had some challenges with the new economy and the likes of Amazon and I have been questioning its long term survivability.
I'm just wondering, if the company did declare bankruptcy at some point, what happens to his defined benefit, does it stop or is it guaranteed? Also, are there any proactive steps that we can take at this time to reduce the risk of the company potentially going under?
Thank you
The company has had some challenges with the new economy and the likes of Amazon and I have been questioning its long term survivability.
I'm just wondering, if the company did declare bankruptcy at some point, what happens to his defined benefit, does it stop or is it guaranteed? Also, are there any proactive steps that we can take at this time to reduce the risk of the company potentially going under?
Thank you