With a few exceptions like France and Ireland, the population of European countries is aging. In the Netherlands the old age dependence rate – the ratio of the population aged sixty-five and over to those aged 15-64 – will rise from 20 percent in 2000 to 43 percent in 2035. For other European countries the increase is even more dramatic: in Spain from 24 percent now to 68 percent in 2050, in Italy from 27 percent to 65 percent. These demographic trends have serious consequences for pension systems in Europe. Doubling the dependence rate will mean either a doubling of the pension premium or else a halving of pension benefits relative to gross incomes. In addition, there are several other trends that affect the pension system, such as individualization, emancipation, increased labor mobility between and within different industries and internationalization.