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Less than three years after the last pension reform in 2011, the French government launched new adjustments in early 2014, before producing a reform plan whose supporters have called “sustainable and fair.” This paper examines the assumptions that underpin the predicted return to balance and also analyzes the sensitivity of the results to macroeconomic assumptions. The second part is a detailed examination of how retirees’ decreasing purchasing power helps to bring pensions back into balance. It also concludes that this decrease in retirees’ purchasing power should be a concern. Classification JEL: E17, H55, I38, J11.