Abstract: In this paper, the authors define and label several potential functions of a pension scheme. They then aim at finding out what (if anything) can be said about which of these functions a pension regime should pursue. They do so with several elements in mind, including (1) the need to recognise that normative assumptions may be present from the very stage of defining a pension scheme, (2) the fact that disagreements about the functions of a pension scheme may arise even between those who agree on the general social objective that society as a whole should pursue, and (3) the importance of explaining why certain functions are best pursued by a pension system rather than through e.g. disability benefits or redistribution through plain tax and transfer. In doing so, they also aim at identifying some methodological desiderata that such a normative exercise should meet.
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