No serious discussion of possible pension reforms can dispense with some conception of what justice requires, both between and within generations. In this paper we first spell out step by step the implications for pension systems of a conception of social justice that articulates in coherent fashion the values of freedom, efficiency and solidarity heralded in the European project. We next consider in this light a number of important policy issues: Should we move towards more funding and less `pay as you go'? Towards a more private system? Towards a more Bismarckian system? Towards a higher retirement age? Towards a more unified European system?
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