TORONTO - Canadian Auto Workers president Ken Lewenza is warning the Ontario and federal governments they'll pay a price at the ballot box if they don't move to better protect pensions.

In a fiery speech to thousands of autoworkers and others outside the provincial legislature, Lewenza says every worker deserves a pension and that the issue extends far beyond the auto industry.

The rally is the last in a series instigated when Premier Dalton McGuinty said there wasn't enough money in the province's safety net to cover General Motors pensions if the company goes under.

Ontario's Pension Benefits Guarantee Fund provides pensioners with up to $1,000 a month in the event a pension plan fails to provide its full benefit, or any at all.

It currently holds about $100 million, while pension experts estimate GM's pension shortfall could top $6 billion.

It is funded by corporate contributions, and the government has no legal obligation to top it up.

Retired GM worker Dan Garvey, 62, of Oshawa, Ont., said the government appears to be siding with the companies and squeezing the pensioners.

"There's definitely a big panic among retirees -- not just the pensions, it's the benefits also," said Garvey, who also warned of an electoral backlash.

"This is a real protest, it's not just for fun. They have to take notice of us, and if they don't get it here they're going to get it at the ballot box."

Loretta Woodcock, an Air Canada worker, said she worries her pension will be on the chopping bloc next.

"We're here for our own protection, for our own pensions, but we're also here as a voice for all the other pensions in this province," she said.

"This is a huge concern in terms of what could happen in other provinces. This is a very terrifying situation for pensioners, for their futures."

Economic Development Minister Michael Bryant said Thursday that GM pensioners have little to fear unless General Motors is forced to sell off all of its assets under bankruptcy.

The safety of autoworkers' pensions would only become an issue in the "extreme circumstance" of liquidation, said Bryant, who added he's confident things won't get that bad.

The companies, government and union are all working to ensure GM and Chrysler stay afloat, he said.

Even in the event of a bankruptcy filing, Bryant said no Canadian judge has ever required pensioners to abandon their pensions. But he wouldn't say whether retirement incomes would remain at current levels or have to be reduced.

Bryant also said he can't predict what portion of their pensions retired autoworkers will get if GM goes bankrupt, because that has up to management and labour to figure out.