Public spending on social protection is particularly high in the case of pensions, which in Spain account for around 50% of the total. The proper operation of a contributive and employment-based public pension system that uses the pay-as-you-go system of funding as in Spain, requires careful attention to the objectives of intragenerational equity and long-term financial stability. This study analyzes these two aspects and proposes a series of reforms along the lines of eliminating the variety of treatment of the different pension schemes and improving the future financial situation of our retirement pension system. The study constitutes a contribution to the research Pensiones y prestaciones por desempleo (Pensions and Unemployment Benefits) (Fundación BBV, page 66).