This paper reviews recent developments in pensions policy in a range of countries and identifies some of the main forces driving the policy reform agenda. The paper brings a new perspective to some familiar issues, drawing specifically on the research and policy experience of Australia, China and the United States. Its basic message is that to fully understand the forces influencing national pension systems, it is necessary to understand the forces and expectations that are specific to each country. Three main themes are addressed: demographic change; financing of pensions; and the role of politics.