Pension systems rest on three pillars: (1) redistribution, (2) forced savings, and (3) voluntary savings. There is consensus that the first pillar is best provided through the State, the third largely through private markets. In contrast there is no consensus regarding the second pillar. The author reviews this debate. He concludes that private, individual accounts are attractive primarily because they insure that all savers receive potentially equal returns. But existing public systems can be reformed to achieve a similar equitable treatment of contributors while retaining low administrative costs and providing social insurance that is either expensive or unavailable in private markets.