"When I suspected hard times were coming for the company I worked for, (I was right) I shovelled cash into the pension fund having already disposed of all debts in a previous down turn."
When Northern Telecom went bust the company pension fund management was fortunately taken into the government's newly established safety net scheme. The safety net scheme capped any new pension at £28k.
Eventually the trustees fought a long legal battle in several countries to get the pension fund's £2bn recovered from the NT assets - of which there were just about enough. I presume they were then able to be released from the safety net.
If the government decides to discontinue that scheme then any similar future pension fund situations will mean a raw deal for their pensioners.