Pensions are typically protected as a separate entity, not tied to the fate of the company. The corporation pays into a fund, and the pension invests that money

Pensions are typically protected as a separate entity, not tied to the fate of the company. The corporation pays into a fund, and the pension invests that money into something that pays out a guaranteed dividend in perpetuity. Some pensions may exist that are managed by the company (like social security, if you consider the government a company) but the majority are not.