Crime against pension funds is always a possibility; the problems of the 1980's will recur in the right conditions. The funds most at risk are those in which the control of assets remains closest to employers and trustees. Areas of concern include the superannuation guarantee; taxation fraud or losses; and specific problems related to employer-sponsored funds, excluded funds, industry funds, public offer funds, public sector funds, and pooled and master funds. Regulation currently combines the specification of minimum rules to which funds must adhere and the codification of standards and civil and criminal sanctions. Control mechanisms include general and specific disclosure requirements, whistleblowing provisions, recordkeeping, and wide powers of investigation. All participation in the pension fund industry have a role in preventing fraud; trustees and auditors have a central role. The system now in place relies on devolved supervision and enforcement; this approach is at risk if it emphasizes cost efficiency over security. Therefore, the Insurance and Superannuation Commission must become more than a benign regulator, auditors and fund members must be vigilant, trustees must be educated, and law enforcement agencies must improve their expertise. 9 references