[영문]The impact of demographic ageing on the sustainability of pensions has become the focus of heated debate in Europe, as governments try to reform their welfare systems. Among the most vocal opponents of the reforms are employers' organizations and managements, trade unions and individual workers. The article looks at the issues at stake and the relevance of social dialogue, despite difficulties, for reaching consensus among all stakeholders on acceptable labour market and pension reforms. These have to be comprehensive and free from ideological a priori assumptions. Specific examples of available options are mentioned, including Finland, Denmark, Spain and the United Kingdom.