Do you have a source? I wonder if that covers all pensions or just public pensions? Or if that requirement is newer and didn't exist when the companies went under 50 or so years ago.
Even taxpayer funded DB pension recipients have had to accept benefit cuts, such as former employees of Detroit and Rhode Island.
If the entity that owes you does not have the power to print money, then there is always a risk of non payment. And how much of a bailout you get depends on your political weight.
Looks like their site says there was little protection for pensions before 1974. So it sounds like there wasn't any protection before that. Their wording around "insured pensions" also seems to indicate that some pensions may not be insured (no requirement to insure them).
