No. of Recommendations: 1
The funds are being managed by a third party trustee and not under the control of the company.

Genereally, pension funds are still considered assets of the corporation, and can be lost in a BK, even if the funds are managed by a third party trustee. ('managed' being the key - rather than 'owned')

On the other hand, the PBGC will step in and make up some (possibly most/all, depending on the benefits you are owed) pension benefits if a company goes belly up, so not all is necessarily lost in a BK. So you probably need to consider if your benefits would be covered by the PBGC, and how much you trust that the PBGC will be able to continue living up to the guarantees that it is making.

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