This paper analyzes the gender implications of pension reform in Kazakhstan, the Kyrgyz Republic, Latvia and Moldova. In all cases the new systems deliberately penalize early retirement, and reward longer careers, so that with no change in behavior or policy, women’s pensions will be, on average, less than men’s. Nonetheless, the implicit financial returns for women remain on average higher than for men, because of women’s longer life expectancy,and because of redistributory minimum pensions. Overall, the net change in wealth from the reforms is, however, higher on average for men than for women, because they will work longer and get a higher pension. Women’s longer life expectancy means that women can expect to spend the last years of their life alone. If their pensions are too low owing to their work histories, an increase in elderly poverty may result.