PIP: Using a general equilibrium model, the authors examine the relative impact of various measures designed to resolve problems the French national retirement pension scheme faces as the population ages. The authors suggest that the present system could be maintained, with difficulty, providing there is no economic recession. In order to make the system more fair, a postponement of the legal age for retirement seems to be the best solution, as long as employment levels stay high, particularly for workers aged 60-65. In any event, the decline of the population to below replacement levels poses serious problems for the system.