Using overlapping generations (OLG) models calibrated on seven OECD countries -- the United States, Japan, France, Canada, Italy, the United Kingdom and Sweden -- the authors investigate the macroeconomic impact of possible pension reform strategies as populations age. Simulations include a reduction in the level of pensions, phased abolition of PAYG schemes and general fiscal consolidation. By raising the national saving rate future GDP levels are higher, but not enough to offset the affects of ageing. A rise in the retirement age has larger effects, but implies significant loss of leisure time ...