ANALYSIS-Japan Airlines survival hinges on pension cuts

* Pension shortfall estimated at $3.6 bln threatens JAL

* Tokyo considering law change to cut pension obligations

* Creditors, pensioners face lower payouts under bankruptcy

By Chikafumi Hodo

TOKYO, Nov 6 (Reuters) - Five years after retiring from Japan Airlines Corp (9205.T), former pilot Tsutomu Watanabe is fighting to protect the pension he was promised but that the airline can no longer afford to pay.

JAL's pension shortfall, which it estimated at 330 billion yen ($3.6 billion) in March, is threatening to push Asia's largest airline into bankruptcy unless its 9,000 retirees are forced to have their payouts cut, lawyers and analysts said.

"My pension contract is settled and I have my certificate," said the 65-year old Watanabe, who logged more than 18,000 hours in international flights during his career.

"People are calling for JAL pensioners to accept a cut in payouts, but is it wrong for me to say I don't want my pension to be reduced? I have a right to receive it."