Although no major reform of the Federal pension insurance scheme has been carried out since 1983, the pensions system in the United States is slowing changing due to the decline of company-based fixed-contribution pension arrangements and the increase in the number of private pension insurance schemes. Inseparable from a financial and individualistic logic, this phenomenon serves as a model for conservatives who wish to ‘privatise’ the Federal pensions system. This article offers a historical perspective before discussing the debate on pensions since the beginning of the Obama presidency (January 2009) and evaluating the strengths and weaknesses of the current pensions system in the United States.