In recent times pension reforms oriented toward introducing or expanding pension funds or insurance have been implemented in many countries. The main reason for this change is to reinforce the sustainability of intergenerational redistribution due to the ageing of society. However, a secondary aim has also been that of helping the development of financial markets and expanding the role of the stock exchange. We will focus on developed countries and, more specifically, on European pension reforms. A number of questions arise concerning the impact of such reforms. In particular, we will deal with the change in household savings investment and with the impact that these reforms have on the financialisation of the economy.