Synopsis Pension provides not only old age security but also resistance against many problems. A good pension policy marks the welfare-centric approach of a government. But the changing socio-economic environment, particularly low fertility rate and high life expectancy rate combined with financial crunch has forced the government to think over the sustenance of the pension sector. No government can dare to avoid the provision of pensions to its citizens and on the other hand, sustenance of this sector in traditional method is also in jeopardy. Hence, in this regard, the state is between the devil and the deep sea. A good reform approach is the sine qua non in this critical situation. Reform in pension sector means how a pension proposal can be financed effectively without too much burden on the state. A number of methods and techniques can be employed while bringing reform, like - linking the pension sector to an annuity market with attractive price, pay-as-you-go method (PAYG), Notional Defined Contribution (NDC) Scheme or welcoming the private players etc. In this regard, the present volume tries to portray the need for pension reforms, different pension reform strategies etc. The pension reforms carried out in different countries like China, Chile, India, Turkey, and USA have also been discussed in this volume.