This article examines recent pension reforms in OECD countries. All countries are facing the challenge of designing both financially and socially sustainable pension policies in a context of weak economic growth, low financial returns and ageing populations. In some cases, countries have been accelerating the pace of pension reform, bringing forward changes in the rules and parameters of their pension systems. Common features include, for example, increases in retirement ages, closure of early retirement avenues, changes in benefit indexation, stronger links in the system to increasing life expectancy and greater incentives for working longer. At the same time, many countries have improved the adequacy of retirement income provision, in particular by targeting benefits more towards the most vulnerable elderly.