The government agency that insures pensions ran its biggest deficit ever last year. But most workers' pensions will be safe for at least the next decade, according to the Pension Benefit Guarantee Corporation (PBGC).

We should point out that if the company you work or worked for remains solvent, you will receive your full pension from the company. The PBGC only only pays pensions for companies that go bankrupt.

If your pension is from a single company that does go bankrupt, you still have little to worry about for now. The agency's single-employer fund actually reduced its deficit in the past year - meaning there will be enough money to take over failed pensions for at least the next decade. It predicts the situation will improve further.

You situation is more precarious if your pension is through a union. The agency's multiemployer fund saw its deficit rise from $8 billion to $42 billion. There is a 50 percent chance the agency will not be able to pay this type of pension by 2022, the annual report states. That probability increases to 90 percent in 2025.

Most employees and retirees are covered by the single-employer plan. It covers 31 million people in 22,000 plans. The multi-employer fund covers 10 million people in 1,400 plans.

For more, read the Bloomberg BNA story.

Click here to read the PBGC's report.