The main critical factor in the contributory system is its inability to guarantee adequate pensions to those, like many young people today, who may have working careers that are long, but weak in terms of retribution, risk of unemployment and contribution levels. In the light of this, the article reflects on the ideal policies for tackling these critical factors, evaluating – on the basis of considerations of efficiency and fairness – some of the measures proposed in the recent debate and giving particular attention to the possibility of introducing a guaranteed pension calculated on length of service and age on retirement.only subscribers can see the full article