The reform of the public pension system established by the Toledo Pact involves a stricter application than has been the case so far of three basic principles: targeting of those affected; financial equivalence or proportionality; and financial co-responsibility. This study constitutes a contribution to the research Pensiones y prestaciones por desempleo (Pensions and Unemployment Benefits) (Fundación BBV, page 66). It assesses the various pension reform measures by examining in more detail the application of these principles. The research supports the need to apply without delay the recommendations of the Toledo Pact, which are sufficient to reduce the deficit that the system will generate in the medium and long term.