“essentially” admitted

and

“isn’t technically illegal”

I would add that using a pension fund as a personal bank account was invented by the Unions.

It doesn’t sound like it was emptied. It doesn’t even sound like the employee contributions were touched.

Anyway the only people who draw from it are former employees who have already retired.

We don’t know if they will be able to continue to draw from it, or maybe it will be paid out to them.