This project covers the main consequences of pensions on the economic behavior of the people receiving benefits, in particular the changes in attitude to savings and willingness to work. The study also constitutes a contribution to the research Pensiones y prestaciones por desempleo (Pensions and Unemployment Benefits) (Fundación BBV, page 66). It analyzes some of the main problems related to funding these benefits, discussing the relative advantages that may result from the use of one of the two main forms of pension system: pay-as-you-go and capital funded.