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We simulate the consequences of the transition of the French pension system to a notional defined contribution (NDC) system between 2015 and 2030 using a stylised overlapping-generations general equilibrium model incorporating macroeconomic feedback effects. Introducing an NDC system would reduce financing requirements by around 0.8 points of GDP by 2030. In terms of financing requirements, an NDC system would outperform the existing pay-as-you-go system in case of an increase in life expectancy or a decrease in productivity growth. The two systems are equivalent in the event of a decline in fertility or a rise in the unemployment rate. In an NDC system, however, an increase in the contribution rate has a negative impact on financing requirements because pensions automatically rise in line with contributions.