I discuss the effects of the four pension reforms (1992, 1995, 1997, 2004) undertaken in Italy during the last fifteen years. The reforms of the ‘90s have successfully stabilized expenditure, both in the short and the long run, and raised the retirement age thresholds. However, they are characterized by a long transition period and will originate problems of adequacy, at the same time shifting most risks upon the individual. The 2004 reform again focuses on expenditure and retirement age, raising it by more than three years from 2008 and to this aim sacrificing some of the flexibility features of the “notional defined contribution” system introduced in 1995. Further interventions would be needed though to smooth its labor market effects, while adequacy is still likely to emerge – quite abruptly since around 2015 – as the Italian pension system most critical issue.