The document analyzes how inequality changes in an overlapping generations economy with heterogeneous cohorts and pension systems. It finds that wealth and consumption inequalities increase due to demographic transitions and a pension reform from defined benefit to defined contribution systems. Minimum pensions can reduce inequality increases from the reform by 40-50% by raising incomes at the bottom, but have little effect on preferences. Contribution caps have a negligible impact on inequality. Overall, demographic changes contribute more to rising inequalities than the pension system reform.