It is understood Woodside has to pump about $20 million into the fund in 2001 and a further $40 million in 2002, when the Australian sharemarket fell 11%.

According to the report, the money was injected into Woodside's defined benefits super scheme, under which members receive a guaranteed retirement income based on their salary regardless of the fund's investment performance.

If the investment returns are insufficient to meet these liabilities, as happened in the past two years, the employer has to cover the difference.

Woodside closed the fund to new members in 1999, but it has to honour the guaranteed return to the remaining 600 members.